Dfinity’s Internet Computer token became one of the top performers this week. The price of ICP peaked at $ 37.35, about 70% above the low in December of last year. As a result, its total market cap jumped to over $ 6.59 billion, making it the 31st largest cryptocurrency in the world.
Internet Computer is a venture capital funded blockchain platform that was launched in May 2021. The Switzerland-based project is backed by leading venture capital firms like a16z and Polychain Capital. Its goal is to be a smart contract platform that allows developers to build all types of applications.
Today, several applications are being built using the network, although user adoption has been relatively low. Some of the biggest Internet Computer projects are Fleek, Distrikt, and Origyn.
The price of ICP has jumped sharply recently as investors applaud the recent announcement of a bridge that will link Internet Computer and Ethereum. This bridge will allow applications based on Ethereum and Internet Computer to communicate with each other.
Internet Computer Price Prediction
The four hour chart shows that the ICP price has been trending upward over the past few weeks. He managed to break above the 38.2% Fibonacci retracement level. Additionally, it broke the 25 and 50 day moving averages as the Relative Strength Index (RSI) continued to rise. It also broke the key resistance level at $ 30, which was the highest level on December 27.
Therefore, the internet computer price will likely continue to rise as the bulls target the key resistance at $ 40, which is the 50% Fibonacci retracement level. A dip below the support at $ 30 will invalidate this view.