- Dfinity foundation is helping to develop the native smart contracts for the largest cryptocurrency by market cap.
- Internet Computer price suggests a downside trend in price. Meanwhile, ICP/BTC pair has seen a drop of over 0.8% in the intraday session
Internet Computer is the world’s first web speed internet scale public blockchain which was developed by DFINITY foundation.Dfinity foundation has announced Internet Computer integration with Bitcoin, bringing advanced smart contract functionality. The Internet Computer can now act as a Layer 2 for BTC where smart contracts on the ICP can hold send and receive BTC without the need of bridges and third party services. Internet Computer integration with Bitcoin will also serve as a more secure alternative for centralized bridge. The ICP developer community has also demanded this feature for a long time. Various blockchain analysts are taking this move as great move from Dfinity foundation.
Internet Computer is currently ranked 37th in the CMC and has a market cap of $1.1 Billion. Volume of the ICP suggests a downside trend in price for the future. Volume to market cap ratio of the Internet Computer suggests a consolidated trend.
Is ICP Looking For An Upside Move?
The weekly technical chart of the Internet Computer price suggests a downside trend in price. On coming to the daily chart the asset price has seen a fall of 0.8% in the intraday session and is currently trading near $4.25. The upside trend of ICP can see a halt near the value of $5.5. Meanwhile a bounceback can be seen near $3. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the future which can further push the price below.
Conclusion
ICP is looking to integrate smart contracts with Bitcoin which can help it to serve as a layer 2 for it. Internet computer price is currently in a consolidated trend but can move to a new high in the future.
Technical Levels
Major Support:$3.5
Major Resistance: $6
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/09/internet-computer-price-predictionicp-coin-price-fails-to-regain-its-position-above-5/