The Surprising Rise of Internet Computer (ICP) in a Bearish Environment

The Surprising Rise of Internet Computer (ICP) in a Bearish Environment

Despite the current bearish atmosphere in the cryptocurrency market, Internet Computer (ICP) has been experiencing a significant surge in bullish activity. The native token, ICP, has recently lost its hold on the crucial $10 handle and is currently trading at $9.93. However, it is important to note that ICP has seen a weekly rise of over 80%, making it one of the top gainers in the market. Over the weekend, the token saw a 30% surge in price, peaking at $11.50. This impressive performance has allowed ICP to break into the top 20 cryptocurrencies by market capitalization. Additionally, the token’s trade volume has increased by 73% to reach $730 million.

In the daily time frame, Internet Computer has displayed a remarkable trend of six consecutive green candles, making it the biggest gainer of the week. This exceptional performance has defied the current market volatility. From its low of $5.20 on December 12th, the price of ICP has increased by around 120%, reaching a new yearly high of $11.30. During this rise, the coin has successfully broken through significant resistance levels, providing buyers an opportunity to take advantage of the rebound.

Internet Computer stands out among other layer 1 and layer 2 networks, such as Ethereum, Polygon, and Cardano, with its distinctive characteristics. Launched in 2021, it offers developers all the necessary functionality to create decentralized applications (dApps). Its abundance of features sets it apart from other networks, allowing users to create and host their applications on its infrastructure. With its support for Bitcoin, ICP has gained popularity as its canister smart contracts can send, receive, and retain Bitcoin on the network. This functionality makes it equivalent to other Bitcoin holders on the BTC network, enabling decentralized swaps and trading.

One of the recent developments that have contributed to the increase in Internet Computer’s valuation is the collaboration between Internet Computer, Gaudi Knowledge, and Moon Labs. This partnership, announced by the team, involves the recreation of Gaudi’s architecture, arts, and incomplete architectural blueprints in the Metaverse on ICP. The strategic partnership between Internet Computer and its South Korean affiliate, ICPhubkorea, highlights significant opportunities for growth and expansion.

Despite the market volatility, there is no evidence of weakening in Internet Computer’s price behavior. On the contrary, there is a strong likelihood of a rally with the notable increase in trading volume. If the price of ICP sustains above the $9.5 barrier, potential buyers may set their sights on the next possible price targets of $11.50 to $14.50. Furthermore, the 50-day and 100-day moving averages provide support for ICP, indicating a positive outlook. Observers suggest that the coin is likely to form a bullish flag pattern and resume its upward momentum. It has already formed the pole of this flag pattern, and if it continues, Internet Computer may test the weekend high of $11.90.

Despite the prevailing bearish sentiment in the cryptocurrency market, Internet Computer (ICP) has managed to stand out as one of the top gainers. With its impressive price surge and increase in trade volume, ICP has made its way into the top 20 cryptocurrencies by market capitalization. Its distinctive blockchain technology, support for Bitcoin, and collaborations with other organizations have contributed to its rise. With the potential for further growth and positive indicators on the charts, Internet Computer displays promising prospects in the midst of market volatility.

Disclaimer: This article is provided for educational purposes only and does not constitute investment advice. It is important to conduct thorough research and exercise caution before making any investment decisions in the volatile cryptocurrency market.

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