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- ICP has seen an increase in market cap in Q1 2023 which can continue in the next quarter
- Technical indicators of the asset price suggest a consolidated move. It is down by 2.23% in the BTC pair
Internet Computer Protocol is a blockchain-based network that aims to create a decentralized, secure, and efficient internet. The Internet Computer is created by dedicated “node machines” unlike the Bitcoin mining rig. The Dfinity Foundation is a major contributor to the Internet Computer Protocol.
They aim to provide developers a way to build dApps that can run on the internet. It does not need to rely on centralized services like Google Cloud or AWS. It can be much more efficient than a proof-of-stake network even when it uses a validator node. It allows developers to write and deploy smart contracts in the traditional programming language.
The protocol is controlled by “Network Nervous Systems” which functions as its brain. The smart contracts on the Internet Computer Protocol have been growing exponentially and have reached 274192. Meanwhile, 51.6% of the total supply of ICP has been staked.
Internet Computer has a market cap of $2.3 Billion and is ranked 28th in the crypto-verse. The volume of the asset price has seen a gain of 7.6% in the past 24/7 hours. It is down by 99% from its all-time high but can see a recovery in the future.
Is ICP Ready For A New High?
The weekly technical chart of ICP hints towards a strong struggle between bulls and bears. It has been forming bearish candles for the past few days. ICP is trading near the value of $5.419 with a small drop in the intraday session. The asset price upside momentum can see a halt near $8.
Meanwhile in a downside trend it can see a bounceback from $4.5. It is trading in between the 50 and 100 Daily Moving Average. There can be a negative crossover in the future which can push the price further down. The RSI of asset price is near 42 suggesting its presence in the neutral zone. There is a downside slope in it hinting towards a bearish momentum.
Conclusion
ICP has seen a rise in market cap in Q1 2023 and can move further high in future. It is currently in a consolidated mode but can observe a strong move.
Technical Levels
Major Support:$4
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 do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
