ICP has become a significant participant in the realm of cryptocurrencies, owing to its sturdy network and growing adoption and usefulness. The value of a network is proportional to the square of its users. With 5.18 billion projected global internet users by 2023, ICP has a huge potential user base. As more users join, its value will increase, making it attractive to investors.
ICP, More than Just a Crypto
ICP is not just another cryptocurrency, it is a catalyst for change in the architecture of the internet. By bringing global independent data centers together to offer a decentralized alternative to the current centralized internet cloud providers, ICP is leading a paradigm shift in data storage.
This decentralization not only disrupts the traditional model but also promises a more secure and private online experience for users. As a result, ICP is a formidable contender in reshaping the internet landscape.
Technical Analysis and Prediction of the ICP Coin Price
For almost a month, the ICP token’s price remained stagnant, trading within a range of $4.71 and $2.94, indicating a lack of investor interest.
However, the month of December brought positive news as the Internet Computer coin price broke out of the range after multiple attempts. The Internet Computer (ICP) token has seen significant growth over the past month. The ICP coin price surged by over 81% in the last 3 trading days.
The bullish investors have taken the price to the moon after they broke the $7.19 resistance level. Currently they have a resistance level of $11.46. While the support level is at $7.14.
| Pivot | Classic | Fibonacci | Camarilla | Woodie |
| S3 | 1.88500 | 3.14600 | 4.21500 | 2.67100 |
| S2 | 3.14600 | 3.62800 | 4.33100 | 3.18500 |
| S1 | 3.85400 | 3.92500 | 4.44600 | 3.93200 |
| P | 4.40700 | 4.40700 | 4.40700 | 4.44600 |
| R1 | 5.11500 | 4.88900 | 4.67800 | 5.19300 |
| R2 | 5.66800 | 5.18600 | 4.79300 | 5.70700 |
| R3 | 6.92900 | 5.66800 | 4.90900 | 6.45400 |
The early hours of today saw strong bullish sentiments as the price noted a 2.5% uptick. The 50-Day EMA is acting as a dynamic support for the ICP coin price, suggesting a high possibility of bullish price action in the future. However the gap between the EMA and the current price has increased, indicating that correction is imminent.
Conclusion
ICP is revolutionizing the internet architecture by offering a decentralized alternative to centralized cloud providers. Its token, ICP, has seen a surge in value, increasing over 81% in the last 3 trading days.
Technical Levels
- Support Levels: $11.46 and $14.46
- Resistance Levels: $7.13 and $4.18
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Source: https://www.thecoinrepublic.com/2023/12/17/internet-computer-81-surge-in-3-days-what-is-next-for-icp/