- ICP price has risen by more than 22% from its lowest point this year.
- Its rebound faces one key hurdle at $5.7, where it has formed a double-top.
ICP price has staged a slow recovery in the past few days as cryptocurrencies recover. Internet Computer has risen to above $5.6, which is about 22% above the lowest level this year. It has a total market cap of more than $1.5 billion, making it one of the biggest players in the blockchain industry.
Is Internet Computer a good buy?
Internet Computer is a blockchain project that was launched in 2021 during the spectacular cryptocurrency rally. In its first day of trading, the coin surged and became a top ten cryptocurrency with a valuation of over $10 billion.
Internet Computer is mostly overseen by Dfinity Foundation, a Swiss-based organization. The project’s goal is to change the smart contract industry. It does that by unleashing the full potential of smart contracts by boosting their speeds and lowering their storage costs and improving their computation capacity.
Internet Computer is made up of a set of cryptographic protocols that connect independently operated nodes into a collection of blockchains. These blockchains then host and execute canisters, IC’s smart contracts.
Therefore, Internet Computer aims to unify most processes that other blockchains operate separately. For example, with its canisters, developers can build apps without using oracle networks like Chainlink and Band Protocol. Canisters can store data, perform general computations on that data, and then provide a complete tech stack to handle it.
Internet Computer has several important features. For example, it is an environmentally-friendly web-serving platform that has limitless scaling, reverse gas scaling, and Bitcoin liquidity features.
More than a year after its launch, Internet Computer has struggled to find its footing in the blockchain industry. While the number of transactions has risen, the number of projects in its ecosystem has been a bit limited. Instead, developers and users have opted for more mainstream projects like Ethereum, Solana, and Avalanche.
ICP price forecast
The four-hour chart shows that the Internet Computer price has made a steady recovery in the past few days. As it rose, the coin managed to move above the important resistance level at $5.47, which was the lowest point on September 18.
ICP price has jumped above the 50-day exponential moving average (EMA) while the Relative Strength Index (RSI) has moved close to the overbought level. Therefore, Internet Computer will likely continue rising as bulls target the next key resistance at $6.5. For this to happen, ICP will need to move above $5.7, where it formed a double-top pattern.
Contributors
