Internet Computer Loses Grip On $10, But Still Inks 82% Rally

Web Pc (ICP) is seeing bullish exercise regardless of the present bearish ambiance. As of press time, ICP, its native token, has misplaced its maintain on the crucial $10 handle, and at the moment buying and selling at $9.93, following a weekly rise of greater than 80%.

ICP surged by 30% over the weekend and peaked at $11.50 earlier. It has now damaged into the highest 20 cryptocurrencies by market capitalization. In the identical time-frame, the token’s commerce quantity elevated by 73% to $730 million.

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ICP up over 80% within the final week. Supply: Coingeko

Web Pc, The Weekly Prime Performer 

With six straight inexperienced candles within the day by day time-frame, Internet Computer distinguished itself as the most important gainer of the week, defying the present market volatility.

Its value elevated by round 120% from the low of $5.20 on December twelfth to a brand new yearly excessive of $11.30. The value of the coin has damaged by some important resistances throughout this rise, giving consumers an opportunity to increase the rebound.

In relation to blockchain know-how, Web Pc is among the many largest and most distinctive networks. The community, which debuted in 2021, has all of the performance builders require to create decentralized apps (dApps).

Its abundance of performance units it aside from different layer 1 and layer 2 networks similar to Ethereum, Polygon, and Cardano. Customers can use its infrastructure to create and host their functions.

ICP market cap at the moment at $4.3 billion. Chart: TradingView.com

ICP’s value has elevated because of its assist for Bitcoin, the most important cryptocurrency globally. Due to this connection, its canister good contracts are in a position to ship, obtain, and retain Bitcoin on the community. Acknowledged in a different way, these canisters are functionally equal to different Bitcoin holders on the BTC community.

Which means that Bitcoin good contract features similar to decentralized swaps and buying and selling will be dealt with by Web computer systems. Moreover, it has ckBTC, which has a 1:1 Bitcoin backing.

ICP seven-day value motion. Supply: Coingecko

Bollinger bands on the Web Compter are shifting, indicating excessive ranges of value volatility. Within the overbought space, the Relative Power Index (RSI) is above the common line, indicating bull dominance within the value of Web computer systems.

Key Partnerships

In the meantime, the group’s announcement of a collaboration between Web Pc, Gaudi Data, and Moon Labs is among the many most notable developments in gentle of the current spike within the firm’s valuation.

Thrilled to announce the Strategic Partnership with Gaudi Data Affiliation (@gaudiknowledge) and The Moon Labs (@LeisureMeta_LM). @ICPhubkorea would be the most important companion for the Web3 venture between Gaudi Data Affiliation and The Moon Labs.

We’re revealing the… pic.twitter.com/iTuzb4oGgb

— ICP.Hub Korea (@ICPhubkorea) December 13, 2023

By teaming up with the Web Pc Venture’s South Korean affiliate, the 2 organizations would “Recreate Gaudi’s structure, arts, and incomplete architectural blueprints within the Metaverse on ICP.”

There isn’t a proof of weakening within the value conduct and a powerful probability of a rally with the notable improve in quantity. Within the occasion that the ICP value sustains itself above the $9.5 barrier, purchasers might pursue the subsequent attainable targets, that are $11.50 to $14.50.

The 50-day and 100-day shifting averages are supporting ICP. Based on some observers, the coin is about to type a bullish flag after which decide up velocity once more. It has already formed this flag sample’s pole. Web Pc might be going to check the weekend excessive of $11.90 if this happens.

Featured picture from Uropong/Getty Pictures

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