Internet Computer Price Up By 14.91% – Time To Buy ICP?
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The price of ICP, the native token of the Internet computer platform, has declined these past few days. However, the token seems to be catching some tailwind as it has seen impressive gains on the daily chart. Could the time be right to buy ICP? Let’s find out.
Internet Computer: Enabling A New Internet Age
The Internet Computer platform is aimed at facilitating the growth of the decentralized internet and the Web3 ecosystem.
The project was founded in 2016 by Dominic Williams, under the supervision of non-profit organization, Dfinity Foundation. Dfinity consists of over 200 developers with offices in San Francisco, Zurich, Palo Alto, and Tokyo.
The Internet Computer is a network that can scale smart contract computation and data and run them at web speed while efficiently processing and storing data.
Through the platform, development teams can easily deploy software without relying on centralized servers and tech platforms like Facebook or commercial cloud services like Amazon. The idea is to avoid corporate gatekeepers, reduce costs, and build services that compete with centralized cloud companies.
The ICP token is used as a governance token on the Internet Computer platform. It is also used to reward users, who play a significant role in enhancing network functions.
The Internet Computer mainnet was launched into the public domain in May 2021. This was when all the network’’s source code was launched alongside the ICP token, allowing community members to govern the protocol.
The ICP token is directly tied to ICP’s Network Nervous System (NNS). The NNS, which was first unveiled in September 2020, is the governance protocol for managing the network. It consists of four components, including Data Centers, Nodes, Subnets, and Canisters.
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ICP’s Price Show Potential For Growth
The ICP token has not had a smooth sail since it launched this year. The asset which hit the $737 price when it initially launched in the crypto market has lost more than 90% of its value.
ICP plunged to about $280 only two days after its debut. The token did not stop there, as it continued plummeting, and by June 26th, it was trading at $29.51. Since then, it has hovered around the $30 to $40 mark.
ICP is presently trading at $44.89 and is up by 14.91% in the last 24 hours. This might be the time to buy ICP as the asset has shifted to the 22nd spot on the top 25 valued cryptos with a market cap of $6 billion.
ICP Technical And Fundamental Analysis
ICP’s strong technicals can be seen on the trading chart.
The digital asset is trading above its 200-day moving average (MA) support price of $44.67. Its short-term 20-day MA price is at $45.79.This indicates a bullish trend signaling that now might be a good time to buy ICP.
ICP’s relative strength index (RSI) currently stands at 76.70, meaning that it is overbought. This is a really strong signal that investors want to buy ICP.
According to ICP Founder Dominic Williams, the Internet Computer project has attracted 500 developers and nearly 250,000 users since its launch. Speaking on Bloomberg, Williams revealed that the platform is aiming for a greater number of daily active users by the end of the year.
The Internet Computer platform remains one of the newly released promising cryptocurrency projects.
DSCVR, a decentralized social content aggregation platform running on the Internet Computer blockchain, recently amassed 14,000 users barely two months after its launch.
DSCVR is a project where users control not only the content but also the platform itself.
It’s similar to Reddit. DSCVR runs entirely on-chain on the Internet Computer, demonstrating the growth of blockchain-based social dapps that are accessible on the web.
Away from the blockchain, the ICP token is also receiving more attention. Last month, Fintech firm Revolut added ICP as a new network cryptocurrency in its application. This is expected to contribute to ICP’s user base while also increasing its trading volume.
