Internet Computer (ICP) Sees Bullish Activity Amid Bearish Market
Despite the current bearish atmosphere, Internet Computer (ICP) is experiencing bullish activity. ICP’s native token has lost its hold on the crucial $10 handle and is currently trading at $9.93, following a weekly rise of over 80%.
ICP Surges and Enters Top 20 Cryptocurrencies
ICP surged by 30% over the weekend, reaching a peak of $11.50. It has now entered the top 20 cryptocurrencies by market capitalization. Additionally, the token’s trade volume has increased by 73% to $730 million.
Internet Computer Emerges as the Weekly Top Performer
Internet Computer has distinguished itself as the biggest gainer of the week with six consecutive green candles in the daily time frame. Its price has increased by around 120% from a low of $5.20 to a new yearly high of $11.30.
Unique Functionality Sets Internet Computer Apart
Internet Computer stands out among other blockchain networks due to its abundance of functionality for creating decentralized apps (dApps). It offers all the necessary tools for developers and allows users to create and host their applications.
ICP’s Price Boosted by Bitcoin Support
ICP’s price increase is attributed to its support for Bitcoin. Its canister smart contracts enable it to send, receive, and retain Bitcoin on the network, making it functionally equivalent to other Bitcoin holders. It also has ckBTC, which is backed by Bitcoin at a ratio of 1:1.
Bullish Outlook and Key Partnerships
The Bollinger bands on Internet Computer indicate high price volatility, with the Relative Strength Index (RSI) suggesting bull dominance. The recent partnership between Internet Computer, Gaudi Knowledge, and Moon Labs is another significant development.
Hot Take: ICP’s Price Rally Expected to Continue
The price behavior of ICP shows no signs of weakening, and there is a strong likelihood of a rally with the notable increase in volume. If ICP sustains itself above the $9.5 barrier, the next possible price targets are $11.50 to $14.50.
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