Internet Computer Price Down 7.93% – Time to Buy ICP Coin?

Is it the right time to buy ICP? The asset has been one of the breakout coins of 2021, and many investors have rushed to buy it thanks to its impressive growth. This article considers Internet Computer and what it aims to solve, as well as whether this is a good time to buy ICP and to your portfolio or not.

Internet Computer: Offering a Stable Environment for Platform Development

Internet Computer is a decentralized network that looks to offer a “limitless” environment for decentralized applications (dApps) and other services to run. It was launched by DFINITY – a Swiss cryptography foundation – and it offers key infrastructure and services to help developers to run their apps.

According to DFINITY’s site, developers can leverage on Internet Computer to build just about anything – from decentralized finance (DeFi) ecosystems to extended Ethereum-based dApps and even decentralized social media platforms. Platform development is quick and seamless, with Internet Computer offering everything you need to get started.

Amongst other things, Internet Computer delegates merchants as nodes and supernodes. The platform takes out limitations for developers while offering them tools like network topology, firewalls, and port management. The platform even handles critical issues like maintenance and database configuration.

Internet Computer has become especially popular for several reasons, including claims made by DFINITY and backing from top tech investors like venture capital firm Andreessen Horowitz and Polychain Capital.

ICP is the token for Internet Computer., investors can buy ICP for many reasons, including governance and rewards. Developers can also buy ICP as it ats as a store of value. You can convert ICP into “cycles,” which power computation on the network.

ICP: Price Movements in 2021

ICP hasn’t had such a long time on exchanges. Most people have only been able to buy ICP for a few months, with the top exchanges listing it around May.

After rising to as high as $2,826 when it was listed, ICP soon cooled off and came crashing down. Of course, the market downturn also helped to expedite that crash. The asset hit $86.15 in just a few days, and its price soon started to flounder.

After moving through several bearish cycles, investors soon had no reason to buy ICP and its price crashed even further. When the asset eventually bottomed out, its value crashed as low as $28.71 on July 20 dropping 98.9 percent from its all-time high.

August and September have been quite interesting. With the market rallying, investors have started to buy ICP once more. The asset’s six-week chart shows a jump of 63.5 percent – from $43.83 to $71.67. That’s quite healthy, even by cryptocurrency standards.

ICP has also joined the ranks of coins to see big gains in the past week. Its current price is a jump of 17.49 percent in the past week, although it is down 10.4 percent in the past day.

ICP: Technical & Fundamental Analysis

ICP is in a bit of a murky place technically. The asset’s price is trading just above its 20-day moving average of$65.68. If its price continues this slump for the next 24 or 48 hours, it could fall below the MA and be on the road to another slump.

But, if investors rally to buy ICP and managed to at least its price above the $70 resistance point, they could just stave off a bearish run for now.

So far, the former seems to be the case. ICP’s relative strength (RSI) stands at 55.99 – not bad, but also not at the level that it could be. In fact, the metric has been falling all week, showing that there isn’t much momentum from investors to buy ICP.

On the fundamentals front, DFINITY launched a non-fungible tokens (NFTs) drop on Internet COmputer last week, with the tokens selling out in less than half an hour. Created by ICPunks, the NFTS were the first drop on Internet COmputer. It is expected that more will come soon.

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