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ICP has seen an incremental increase in the Canisters while the token price dipped 33% intraday.
Internet Computer Protocol was developed by Dfinity Foundation. Dfinity Foundation aims to redesign the blockchain. It hosts canisters (smart contracts) and is designed to provide a World Computer that can replace traditional IT. It aims to host a new generation of Web 3.0 services and applications that can run solely from the blockchain, without the need for traditional services
Internet Computer Protocol also has a utility token named ICP. Holders can stake ICP, allowing them to participate in the governance of the Internet Computer and earn voting rewards. It can also be converted into cycles and used to power the computation, communication, and storage costs of canisters. It has a unique design that reflects a ground-up rethink of blockchain architecture and the application of modern cryptography.
An Insight Into The Internet Computer Protocol Realm
Internet protocol offers a world computer that can be used to build online systems or services. The protocol boasts an impressive number of users from their Dapps to mainnet. Its internet identity platform has over a million users and its other platform, SONIC, has over 20,000 users. Openchat, a decentralized alternative to WhatsApp has 50,000 users and DSCVR, a decentralized social news aggregator, has over 40,000 users.
The protocol has over 1477 Node Machines which are situated around the globe. Meanwhile, it has a finalization rate of 45.44 Block/S which is increasing steadily. The estimated power consumption of all node machines on the Internet Computer Blockchain is 375.91KW on average. Internet Computer protocol has an annualized reward of 15.2% which can see a surge in the future. The overall Canister State has seen a surge and has reached 4.109 TiB. Various analysts expect a strong growth in the overall mainent of the protocol in coming years.
The Declining Momentum Of ICP Token Price
Internet Computer Protocol has a market cap of $5.9 Billion and is trading near the value of $12.86. ICP token price is currently down by more than 4% while the volume is down by 15% in the intraday session. The digital asset price is currently trading in a bearish downside parallel channel.
ICP price is trading below the 50 and 100 EMAs with a bearish crossover in the past. If the asset price jumps over the EMA, the chart could show strong momentum in the near future. The upside momentum of ICP can see a halt near the value of $15. Meanwhile, $10 could act as support.
RSI of the token price is near the value of 40.83 with a downside trend. The overall sentiment of the indicator is bearish. Meanwhile, MACD of the token price hints towards a consolidated trend in price.
Conclusion
ICP has been seeing a surge in the overall canisters with an increase in the number of active users. The protocol is seeing a rise in the Dapps and the average users interacting with these platforms. Internet protocol token price is trading in a bearish momentum but could rise to a new high in the near future.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
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.
