Internet Computer turns long-term bearish: Can ICP reach $5?

The Internet Computer is the next version of smart contract platforms and payment providers in the crypto world. After its launch, the ICP token triggered hype and became a popular coin in the crypto world.

DFINITY Foundation is behind the Internet Computer ecosystem, which was launched in 2016 by Dominic Williams. The aim is to create a decentralized online ecosystem for programmers, cryptographers, database experts, and mathematicians.

It is a network familiar to Cardano and Ethereum, which provides data and applications on the platform and manages the community with a governance system. Overall, this Internet Computer ecosystem helps eliminate the issues with blockchain.

The founder Dominic Williams has a long-term plan to dethrone large business giants like Amazon Web Services and Google Clouds to make a decentralized version of this cloud computing system, which is not regulated by any central authority. If you are interested in this innovative technology, read our Internet Computer price prediction.

At the time of writing this post, ICP was consolidating within a range of $3.5 and $4.5. Currently, it is trading around $3.93, which may turn into resistance in the short term if the price falls back to the level of $3.5.

Candlesticks are forming around the baseline of the Bollinger Bands with positive MACD and RSI that suggests bullishness for the short term. Indeed, it is consolidating within a range, but it is the right time to invest for the short term and get a profit when it breaks the resistance.

Before the sudden downtrend in November, the price was trading around $5.5. Many cryptocurrencies have regained their price, but ICP is trading below the level that suggests it will consolidate and break the resistance to reach the previous support.

However, on the weekly chart, Internet Computer has been in a downtrend from the beginning of this year, forming lower highs and lower lows that suggest extreme bearishness for the long term, and it is not the ideal time to invest.

It was created in 2016, but the Internet Computer is still new in the market, and it does not have many use cases, so the future will depend on market adoption. You can invest for the short term with a target and stop loss, but we do not recommend long-term investment in ICP.