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- 1 Internet Computer TVL has been observing a consolidated momentum from the past few months
- 2 ICP technical indicators are currently favoring a consolidated trend in price. It has seen a decline of 7% in the intraday session
Internet computer is a general purpose blockchain that runs decentralized applications at a web speed. It can replace the traditional applications and enable a new generation of web 3 apps.Internet Computer runs on nodes which are hosted globally and hosted in independent data centers. The Network Nervous System is the world’s most advanced DAO which governs the Internet Computer.
The Dfinity foundation is one of the largest contributors to the Internet Computer Blockchain. They have the largest R&D blockchain with 1600+ Employee Publications. The Canister smart contract on the Internet Computer can be executed concurrently and is capable of communicating with subnets. Meanwhile, Canisters are more powerful than other smart contracts on the other blockchains. Meanwhile, the number of Canisters have been seeing a surge from the past few weeks. The transaction throughput of the ICP is near 4930 TPS. The finalization rate of ICP is near 37.37 Block/S.
Internet Computer Protocol has a market cap of $1.899 and is ranked 35th in the CMC. The volume of the asset price has seen a slight decline in the intraday session. The V/M ratio of ICP suggests a consolidated trend in price.
Will ICP Price See a Rebound Soon?
The weekly technical chart of the Internet Protocol suggests a downside trend in price. ICP price is currently trading near the value of $4.35 with a slight drop in the intraday session. Internet Protocol has seen a fall yesterday due to the crackdown from the SEC. The upside momentum of ICP can see a halt near the value of $5. Meanwhile, the downward trend of Internet Computer price can see a bounceback from $4. ICP price is currently trading below the 50 and 100 Daily Moving Average. There is negative crossover in the DMA which can push the price down to a new low.
The RSI of ICP is near 29 suggesting its presence in the oversold zone. There is a downside slope in it which hints towards a consolidated momentum.
Summary
ICP price is currently observing a decline with the fall in the overall crypto market. ICP price has taken a halt near a major bearish level and can see a bounceback in the future.
Technical Levels
Major Support:$4
Major Resistance:$5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They 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.
