Internet Computer Loses Grip On $10, But Still Inks 82% Rally – Details

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Internet Computer (ICP) is seeing bullish activity despite the current bearish atmosphere. As of press time, ICP, its native token, has lost its hold on the crucial $10 handle, and currently trading at $9.93, following a weekly rise of more than 80%.

ICP surged by 30% over the weekend and peaked at $11.50 earlier. It has now broken into the top 20 cryptocurrencies by market capitalization. In the same time frame, the token’s trade volume increased by 73% to $730 million.

ICP up over 80% in the last week. Source: Coingeko

Internet Computer, The Weekly Top Performer

With six straight green candles in the daily time frame, Internet Computer distinguished itself as the biggest gainer of the week, defying the current market volatility.

Its price increased by around 120% from the low of $5.20 on December 12th to a new yearly high of $11.30. The price of the coin has broken through some significant resistances during this rise, giving buyers a chance to extend the rebound.

When it comes to blockchain technology, Internet Computer is among the largest and most distinctive networks. The network, which debuted in 2021, has all the functionality developers require to create decentralized apps (dApps).

Its abundance of functionality sets it apart from other layer 1 and layer 2 networks such as Ethereum, Polygon, and Cardano. Users can use its infrastructure to create and host their applications.

ICP market cap currently at $4.3 billion. Chart: TradingView.com

ICP’s price has increased as a result of its support for Bitcoin, the largest cryptocurrency globally. Because of this connection, its canister smart contracts are able to send, receive, and retain Bitcoin on the network. Stated differently, these canisters are functionally equivalent to other Bitcoin holders on the BTC network.

This means that Bitcoin smart contract functions such as decentralized swaps and trading can be handled by Internet computers. Additionally, it has ckBTC, which has a 1:1 Bitcoin backing.

ICP seven-day price action. Source: Coingecko

Bollinger bands on the Internet Compter are shifting, indicating high levels of price volatility. In the overbought area, the Relative Strength Index (RSI) is above the average line, indicating bull dominance in the price of Internet computers.

Key Partnerships

Meanwhile, the team’s announcement of a collaboration between Internet Computer, Gaudi Knowledge, and Moon Labs is among the most notable developments in light of the recent spike in the company’s valuation.

Thrilled to announce the Strategic Partnership with Gaudi Knowledge Association (@gaudiknowledge) and The Moon Labs (@LeisureMeta_LM). @ICPhubkorea will be the main partner for the Web3 project between Gaudi Knowledge Association and The Moon Labs.

We are revealing the… pic.twitter.com/iTuzb4oGgb

— ICP.Hub Korea (@ICPhubkorea) December 13, 2023

By teaming up with the Internet Computer Project’s South Korean affiliate, the two organizations would “Recreate Gaudi’s architecture, arts, and incomplete architectural blueprints in the Metaverse on ICP.”

There is no evidence of weakening in the price behavior and a strong likelihood of a rally with the notable increase in volume. In the event that the ICP price sustains itself above the $9.5 barrier, purchasers may pursue the next possible goals, which are $11.50 to $14.50.

The 50-day and 100-day moving averages are supporting ICP. According to some observers, the coin is about to form a bullish flag and then pick up speed again. It has already shaped this flag pattern’s pole. Internet Computer is probably going to test the weekend high of $11.90 if this occurs.

Featured image from Uropong/Getty Images

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.