Internet Computer Crypto Having Breakout: ICP Crypto Analysis

The Internet Computer (ICP Crypto) blockchain, developed by the Dfinity Foundation, is a Web3 platform aiming to redefine internet services through full decentralization.

Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target.

This article provides a comprehensive analysis of ICP, covering its latest price, market dynamics, and recent developments.

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ICP Crypto Price Analysis

• Current Price: $11.59.
• Market Cap: Approximately $5.1 billion.
• 24-Hour Trading Volume: $170 million.
• Circulating Supply: 440 million ICP tokens.
• Total Supply: Around 500 million ICP.

Price bounced off of $6.80 support and has now broken above $9.00 resistance and 200-day moving average (also resistance), which signals resumption of uptrend, with +20% upside potential to $11.00 next. Stop Loss at $7.68.

Weekly Price Analysis

• High: $11.59 (November 24, 2024).
• Low: $8.87 (November 21, 2024).
• Largest 24-Hour Movement: A 21.6% surge on November 23, 2024. The token gained 41% over the last month.
• Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Neutral.
• Momentum: Price is Overbought currently.
• Support and Resistance: Nearest Support Zone is $6.80, then $6.00. Nearest Resistance Zone is $12.00.

Key Indicator Values

• Relative Strength Index (RSI): Indicating a neutral trend.
• Moving Averages: Suggesting a bullish crossover.

News Roundup

1. Web3 Evolution: Dfinity has emphasized ICP’s potential as a “World Computer,” enabling fully decentralized services such as SocialFi, GameFi, and metaverse applications.
2. Technical Updates: The recent integration of Schnorr cryptographic technology boosts ICP’s compatibility with Bitcoin-based DeFi systems.
3. Community Engagement: ICP’s ecosystem saw users pledge $80 million to further decentralize its project ecosystem.

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