- Internet Computer Protocol (ICP) has witnessed a steep rise in its price, is this rise sustainable?
- The token has broken all the major resistances of this year and now it’s trading near its year to date high.
ICP token, also known as Internet Computer, is an open-source platform that addresses several issues faced by the Internet. These, including system security, misuse of personal data, and monopolization of Internet services.
Its objective is to construct a contemporary decentralized Internet free from centralized authority or social groupings. ICP is a top 25 cryptocurrency that uses Proof-of-Stake consensus.
ICP is more than just a digital currency; it is a driving force for transformation in the structure of the internet.
The initiative brings together independent data centers worldwide to provide a decentralized option to the present centralized cloud providers, resulting in a change in data storage methodology.
This decentralization not only challenges the traditional model but also assures a more secure and confidential online experience for users. For this reason, ICP is a significant player in the restructuring of the internet environment.
See Also: 3 Cryptocurrencies Under $10 To Buy Next Week
ICP Coin’s Volatility Over the Past Few Months
ICP coin price rose from $3.35 to $4.03 earlier this year. The price surged to $6.27 as the buyers once again showed their might by smashing past this significant resistance level.
The price of the ICP coin had some corrections after that, but it didn’t take long for the buyers to reappear.
The price of 50 EMA surged and hit a new high of $8.329 in February. However, the RSI reached an overbought level of 70, indicating a bearish trend.
Consequently, the price fell below both exponential moving averages EMAs within just one month.
At press time, the ICP coin price has established a new support level of $9.71, following its all-time low of $2.80 in September. The second support for the ICP coin price will be at the level of $4.718
Bullish investors, in the meantime, may encounter immediate resistance at $11.46, and if they can overcome it, a second resistance level is at $14.46.
Conversely, the RSI is anticipated to drop as it approaches its 72-oversold level. Which may result in some short-term corrections.
Additionally, the 50-day EMA is significantly higher than the 150-day EMA, at $6.194, and is rising. In contrast, the 150 EMA is located below, at $4.829.
Conclusion
An open-source technology called ICP coin addresses problems with the Internet. The struggle between buyers and sellers has caused its price to fluctuate.
The price of the ICP coin is projected to continue its upward trajectory after recovering from its support level, which bodes well for its future.
Technical Levels
- Support Levels: $7.13, $4.71
- Resistance Levels: $11.46, $14.47
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