Internet Computer (ICP) price sits at a key level: is it a buy in July?

Internet Computer (ICP) price sits at a key level: is it a buy in July?
фото показано с : invezz.com

2023-7-4 13:16

Internet Computer (ICP) price jumped to the highest level since June 5th. The token soared to a high of $4.51, which was about 35% above the lowest level in June. Its total market cap jumped to over $1.9 billion, making it the 31st biggest cryptocurrency in the world.

Why did Internet Computer rise?

Internet Computer is one of the most powerful players in the blockchain industry. It is a comprehensive platform that makes it possible for developers to build fully decentralized applications (dApps). Indeed, its website has been built using the technology.

Internet Computer is more comprehensive than other leading blockchains like Ethereum and Solana. For one, it has a full stack of solutions, including smart contracts that make it possible for people to build solutions in all industries.

The network has already been used to build hundreds of dApps across multiple sectors. For example, DSVRA is a decentralized Web3 social media platform. Other platforms in the ecosystem are Distrikt, Juno, Kinic, and OpenChat, among others.

ICP price has done well for several reasons. First, the ecosystem continued growing in June. The most recent Internet Computer news was that Sodexo BRS, a French multinational company, selected the network for its NFT platform.  The developers also launched Motoko Dev Server, which will helps developers build and launch dApps quickly.

Most importantly, Internet Computer price rallied because of the broad crypto rally. This rally happened as more large companies embraced TradFi. TradFi is at the intersection of traditional finance and crypto. 

Blackrock filed for the Ishares Bitcoin Trust, a spot BTC ETF. Other companies like Invesco, Fidelity, and Ark Investments decided to file for their ETFs. At the same time, EDX Markets, a crypto exchange backed by Citadel, Schwab, and Fidelity, was launched, as I wrote here. These events pushed Bitcoin and other cryptocurrency prices higher.

Watch here: https://www.youtube.com/embed/ngUo2-UDfQg?feature=oembed ICP price prediction

The 4H chart shows that the Internet Computer price has a close resemblance to Bitcoin, which I wrote about in this article. It is sitting at $4.460, the highest point on June 25th. It has formed what looks like a double-top pattern whose neckline was at $3.81. 

ICP price has moved above the 50-period and 25-period moving averages. It has also moved above the middle line of the Andrews pitchfork tool. Therefore, more gains will only be confirmed if the coin moves above the important resistance point at $4.55. 

Such a move will invalidate the double-top pattern. It will open the possibility of a price moving to the next psychological level at $5.

The post Internet Computer (ICP) price sits at a key level: is it a buy in July? appeared first on Invezz.

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