Internet Computer [ICP] outperforms its competitors in this area

• Internet Computer topped the list of the most active cryptos on Github for the last three months.
• Galaxy Score was bullish but metrics and market indicators suggested otherwise. 

Internet Computer [ICP] has been outperforming other cryptos for several months now, in terms of Github commits. ICP topped the list of the most active cryptos on Github for the last three months, which was commendable.

Apart from ICP, Solana [SOL] and Mina Protocol [MINA] also made it to the top three. 

The Most Active Cryptos (3 months) based on #github $ICP $SOL $MINA $SUSHI $CAKE $RBC $MASK $ATOM $GRS $LINK pic.twitter.com/hCotlbZx7X

— Coin.fyi (@CoinFyi) February 25, 2023

While ICP’s Github increased, LunarCrush’s data pointed out another positive development, that was in the investors’ best interest.

ICP made it to the list of the top 15 projects in terms of Galaxy Score. It was a major bullish signal, suggesting a possible price uptick in the coming days. 

TOP 15 coins by @LunarCRUSH Galaxy Score

Galaxy Score is a proprietary score that is constantly measuring crypto against itself with respect to the community metrics pulled in from across the web$YOOSHI $TVK $KDA $BLUR $XRD $ICP $KCS $OP $INJ $PI $RARE $DGB $REQ $ORN $NAKA pic.twitter.com/pdSOKlk4yI

— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) February 26, 2023

Realistic or not, here’s ICP market cap in BTC’s terms

An uptrend doesn’t seem likely to happen

ICP’s price declined considerably over the last week, as it went down by more than 15%. However, CoinMarketCap pointed out that ICP’s price registered an uptick of 0.66% in the last 24 hours.

At the time of writing, it was trading at $6.12 with a market capitalization of $1.78 billion. Though LunarCrush’s data supported the bulls, ICP’s daily chart gave a bearish notion as most of the indicators were against the possibility of a price uptick.

For instance, ICP’s Chaikin Money Flow (CMF) declined substantially and was resting way below the neutral zone. The MACD further established sellers’ advantage in the market as it displayed a bearish crossover.

The distance between the 20-day EMA and the 55-day EMA also seemed to shrink, which was bearish.

ICP’s Relative Strength Index (RSI) declined over the last few days and was resting at the neutral zone. Nonetheless, the Money Flow Index (MFI) was slightly bullish as it was above the 50 mark. 

Source: TradingView

How much are 1,10,100 ICPs worth today?

On-chain performance was also concerning

ICP’s on-chain performance also looked very dull. Its volume decreased by a huge margin last week, suggesting a lack of interest among investors in either buying or selling the token.

Quite contrary to ICP topping the list of cryptos by Github activity, the network’s development activity declined, which by and large was a negative signal.

ICP also did not receive much interest from the derivatives market, as its Binance funding rate remained relatively low throughout the week.

The negative sentiment around ICP seemed to have increased last week. Thus, reflecting less confidence among investors.

Therefore, considering the market indicators and on-chain metrics, a bull run did not seem likely to happen in the near term.

Source: Santiment