The price of internet computers has been eerily quiet over the past few weeks, even as other cryptocurrencies have surged. The ICP token is trading at $53.10, around 35% above the September low. Other pieces like Fantom and Shiba Inu have nearly doubled over the same period.
Could ICP be the next big thing?
Internet Computer is a blockchain project that was launched in May by well-funded DFINITY. Within the first few days of going live, the ICP price hit an all-time high of $629. This propelled it to become one of the top 10 cryptocurrencies in the world.
Since then, the price has crashed over 92%, bringing its total market capitalization to over $8.79 billion. It is the 21st largest coin in the world, located between Algorand and Stellar.
As the price of Internet computers has crashed, activity within the network has increased dramatically. The number of applications created using technology has increased. Some of the network’s best creations are Plug, Fleek, Internet Identity, and Dank.
At the same time, the number of blocks jumped to more than 240 million while registered cartridges reached an all-time high. The same applies to the number of identity anchors created in the network.
With this growth, Internet Computer cannot be ruled out. As such, it is likely to catch the attention of investors soon. Also, the current price is significantly lower than in May.
Internet Computer Price Prediction
The hourly chart for the price of Internet computers is not looking good. The token is trading at $53.10, a few points below this week’s high of $56.94. It appears to have formed a double top pattern with the chin at the important support at $50. In price action analysis, a double top pattern is usually a bearish sign. At the same time, the price is trading along the 25 and 50 period moving averages.
Therefore, while its fundamentals are encouraging, the short-term outlook for ICP’s price at the current level is neutral. The key levels that will determine the direction of the breakout are $56.94 and $50. A move above the resistance at $56.94 will open the possibility for the coin to continue higher, potentially even as high as $400.