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Internet Computer (ICP) is seeing bullish activity despite the current bearish atmosphere. As of press time, ICP, its native token, has lost its hold on the crucial $10 handle, and currently trading at $9.93, following a weekly rise of more than 80%.
ICP surged by 30% over the weekend and peaked at $11.50 earlier. It has now broken into the top 20 cryptocurrencies by market capitalization. In the same time frame, the token’s trade volume increased by 73% to $730 million.
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ICP up over 80% in the last week. Source: Coingeko
With six straight green candles in the daily time frame, Internet Computer distinguished itself as the biggest gainer of the week, defying the current market volatility.
Its price increased by around 120% from the low of $5.20 on December 12th to a new yearly high of $11.30. The price of the coin has broken through some significant resistances during this rise, giving buyers a chance to extend the rebound.
When it comes to blockchain technology, Internet Computer is among the largest and most distinctive networks. The network, which debuted in 2021, has all the functionality developers require to create decentralized apps (dApps).
Its abundance of functionality sets it apart from other layer 1 and layer 2 networks such as Ethereum, Polygon, and Cardano. Users can use its infrastructure to create and host their applications.
ICP market cap currently at $4.3 billion. Chart: TradingView.com
ICP’s price has increased as a result of its support for Bitcoin, the largest cryptocurrency globally. Because of this connection, its canister smart contracts are able to send, receive, and retain Bitcoin on the network. Stated differently, these canisters are functionally equivalent to other Bitcoin holders on the BTC network.
This means that Bitcoin smart contract functions such as decentralized swaps and trading can be handled by Internet computers. Additionally, it has ckBTC, which has a 1:1 Bitcoin backing.
ICP seven-day price action. Source: Coingecko
Bollinger bands on the Internet Compter are shifting, indicating high levels of price volatility. In the overbought area, the Relative Strength Index (RSI) is above the average line, indicating bull dominance in the price of Internet computers.
Meanwhile, the team’s announcement of a collaboration between Internet Computer, Gaudi Knowledge, and Moon Labs is among the most notable developments in light of the recent spike in the company’s valuation.
Thrilled to announce the Strategic Partnership with Gaudi Knowledge Association (@gaudiknowledge) and The Moon Labs (@LeisureMeta_LM). @ICPhubkorea will be the main partner for the Web3 project between Gaudi Knowledge Association and The Moon Labs.
We are revealing the… pic.twitter.com/iTuzb4oGgb
— ICP.Hub Korea (@ICPhubkorea) December 13, 2023
By teaming up with the Internet Computer Project’s South Korean affiliate, the two organizations would “Recreate Gaudi’s architecture, arts, and incomplete architectural blueprints in the Metaverse on ICP.”
There is no evidence of weakening in the price behavior and a strong likelihood of a rally with the notable increase in volume. In the event that the ICP price sustains itself above the $9.5 barrier, purchasers may pursue the next possible goals, which are $11.50 to $14.50.
The 50-day and 100-day moving averages are supporting ICP. According to some observers, the coin is about to form a bullish flag and then pick up speed again. It has already shaped this flag pattern’s pole. Internet Computer is probably going to test the weekend high of $11.90 if this occurs.
Featured image from Uropong/Getty Images