Internet Computer (ICP) Continues Upward Trajectory With 16% Rally

by

As a seasoned analyst with over two decades of experience navigating various market cycles, I must admit that the Internet Computer (ICP) has caught my attention yet again. While it’s always exciting to see tokens capturing gains, especially during a down market, I can’t help but feel a sense of deja vu.

Internet Computer’s (ICP) performance remains noteworthy among investors, with the token accruing gains even as the broader market dips slightly today. Recent market statistics indicate a 16% increase in the token’s value since last week, fueling optimism that ICP might keep climbing in the near future for some market observers.

Although the market is clearly optimistic at the moment, there could be a potential shift in trend over the next few days that may undo this month’s progress. But since October is known for strong performances among investors (hence ‘Uptober’), there might still be an opportunity for investors to benefit from further increases as the month concludes.

Rejection At $9.90 Might Force Investors Below $9.23

Currently, the ICP‘s growth trend could be disrupted by a rejection at the $9.90 resistance point. If the negative sentiment persists and gains strength, this rejection might drive the token down significantly, possibly even below $9.23. Given that the $9.23 support level appears rather fragile, the bearish prediction carries significant importance for investors’ portfolios.

The direction of the ICP‘s progress began at the start of August and has been steadily growing and advancing since then. However, while it appears this trend will persist with occasional minor drops, the recent rejection and today’s market dip suggest that the token could potentially face losses in the near future.

In simpler terms, the Relative Strength Index (RSI) indicates that the bulls of ICP might soon reach their limit, causing the token to experience a temporary decline or pullback in the upcoming days.

If the ICP token doesn’t maintain its current price range, there’s a possibility that its price could drop below the $9.23 support level, with potential further fall to around $8.09. Conversely, if the token holds its ground and stabilizes, it might be able to surpass the $9.64 resistance level, aiming for a higher target of approximately $11.41.

Internet Computer: Network Activity Skyrockets As Fees Surge 

According to Token Terminal’s latest report, there’s been a significant boost in activity on the Internet Computer network, which has resulted in a rise in fees. This surge has propelled the platform ahead of other Layer 1 networks, as it registered an astounding over 5,000% growth in the past month alone.

NEWS FLASH: In the last month, The Internet Computer network has collected more transaction fees compared to Optimism, Arbitrum, Avalanche, and Polygon.

— Token Terminal (@tokenterminal) September 24, 2024

As reported by the platform, the surge in activity is attributed to bob.fun, a blockchain constructed upon ICP, which ensures a secure logbook by leveraging the base platform for security purposes.

In a recent discussion at the Token2049 in Singapore, Dominic Williams, the Founder and Chief Scientist of the DFINITY foundation, talked about how Compute is the cornerstone of modern society. 

Williams stated that when operating software or a system within the ICP network, it will never halt or experience downtime,” he said.

As more applications adopt Interchain Protocol (ICP) for its security and computational capabilities, it’s likely that network activity on this platform will increase significantly over the next few months.

Read More

2024-09-29 23:46