Internet Computer (ICP) is showing bullish activity despite the current bearish atmosphere. At the time of writing, ICP, its native token, has lost its hold on the crucial $10 handleand is currently trading at $9.93, after a weekly increase of over 80%.
The ICP rose 30% over the weekend and previously peaked at $11.50. It has now broken into the top 20 cryptocurrencies by market capitalization. In the same time frame, the token’s trading volume increased by 73% to $730 million.
Related reading: Shiba Inu gained 12% overnight – what’s next?
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 stood out as the biggest winner of the week, defying the current market volatility.
The price rose about 120% from the low of $5.20 on December 12 to a new yearly high of $11.30. The coin’s price has broken through some key resistances during this rise, giving buyers the opportunity to extend the recovery.
When it comes to blockchain technology, Internet Computer is one of the largest and most distinctive networks. The network, which debuted in 2021, has all the functionality developers need to create decentralized apps (dApps).
The abundance of functionality sets it apart from other layer 1 and layer 2 networks such as Ethereum, Polygon and Cardano. Users can use the infrastructure to create and host their applications.
ICP market cap currently at $4.3 billion. Chart: TradingView.com
The price of ICP has risen due to support for Bitcoin, the largest cryptocurrency in the world. This connection allows the smart contracts to send, receive and hold Bitcoin on the network. In other words, these containers 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. Moreover, it has ckBTC, which has 1:1 Bitcoin support.
ICP seven-day price action. Source: Coingecko
Bollinger bands on the Internet Compter are shifting, indicating high 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.
Important partnerships
Meanwhile, the team’s announcement of a partnership between Internet Computer, Gaudi Knowledge and Moon Labs is one of the most notable developments in light of the company’s recent valuation spike.
Welcome to the strategic partnership with Gaudi Knowledge Association (@gaudikennis) 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 reveal the… pic.twitter.com/iTuzb4oGgb
— ICP.Hub Korea (@ICPhubkorea) December 13, 2023
Working with the South Korean affiliate of the Internet Computer Project, the two organizations would “recreate Gaudi’s architecture, art, and incomplete architectural blueprints in the Metaverse on ICP.”
There is no evidence of a weakening in price behavior and there is a high chance of a rally with the notable increase in volume. In the event that the ICP price remains above the $9.5 mark, buyers can pursue the next possible targets at $11.50 to $14.50.
The 50 and 100 day moving averages support ICP. According to some observers, the currency is on the verge of forming a bullish flag and then regaining momentum. It has already formed the pole of this flag pattern. Internet Computer will likely test the weekend high of $11.90 if this happens.
Featured image by Uropong/Getty Images
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.
