Home
News
- ICP has a market cap of over $1 Billion with a fall of over 99% from its all time high
- Technical indicators of ICP are favoring a weak downside trend. It has seen a drop of 1.29% in the BTC pair
Internet Computer Protocol (ICP) is aiming to create a decentralized and secure internet. It is made to be a replacement for the traditional internet. It also gives developers a way to create decentralized applications which will run natively on the blockchain. ICP has the ability to integrate web technologies with blockchain which will give developers an ability to create powerful dapps without getting worried about the limitations of traditional protocols. Internet computer Blockchain will add world computer functionality to the public internet. ICP blockchain uses a unique consensus mechanism called the Network Nervous System (NNS). The NNS allows stakeholders to participate in the governance of the network,ensuring decentralization in the blockchain. It has also gained significant attention for its fast transaction processing capabilities. ICP has seen a tremendous fall in the value and is currently down by more than 99% from its all time high.
ICP has a market cap of $1.4 Billion and is ranked 40th in the cryptoverse.Volume of the asset price has seen a decline of 11% in the intraday session. Volume to the market cap ratio of ICP suggests a consolidated trend in price.
Will The Consolidation Of ICP Continue?
ICP has been in a fall for a long time and is currently in a downward trend. On the weekly chart it has been struggling to maintain a consolidated momentum. ICP is currently trading near the value of $4.9 with a small drop in the intraday session.Resistance of the ICP can be seen near the value of $8. Meanwhile the support of the asset price can be seen near $2.5. It is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the asset price to a new low in the future.
RSI of the asset price is near 42 suggesting its presence in the neutral zone. There is no slope in the RSI suggesting a consolidated trend in price.
Conclusion
ICP has seen a fall of 99% since the inception and is currently moving in a downside trend. Various analysts are expecting a strong rise in the ICP in near future.
Technical Levels
Major Support:$2.5
Major Resistance;$8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
