Internet Computer (ICP) continues to invest in itself and surprise investors despite a slight decline in the market. With an impressive 10% rise last week, ICP seems to be doing well on the decline. But what does this mean for ICP’s future, and what can investors expect?
For those new to the crypto world, the Internet Computer (ICP) is a token that focuses on decentralizing the internet infrastructure. This means that the platform strives for a safer and more efficient Internet with the help of blockchain technology.
The recent 10% rise shows how resilient ICP can be even in a volatile market. This offers hope to investors looking for reliability and growth.
A possible trend reversal and rise
While the ICP is currently posting strong results, a trend reversal is looming, which could jeopardize this month’s gains. Despite expectations for an “Uptober” month where investors are hoping for favorable market conditions, there is still an opportunity to make a profit.
The main point of interest is the resistance level at $9.90. If ICP fails to break this barrier, the price may fall below $9.23. This would be an important test of the sustainability of the current uptrend.
ICP resistance and support
The resistance level at $9.90 acts as a door that is difficult to open for ICP. If the token fails to break this barrier, investors may have to consider alternative strategies. On the other hand, the $9.23 support level provides some stability similar to a spring that dampens the price. But too much pressure can break even this spring.
The Relative Strength Index (RSI) shows that the ICP bulls are approaching their limit. This means that a pullback is likely unless the token is able to stabilize at the current price level. If this happens, ICP could break through the $9.64 resistance and move further towards $11.41.
The role of computing in the ICP platform
Recent online activity on the ICP platform has increased dramatically. This is mainly due to bob.fun, a blockchain built on ICP that acts as a secure repository.
Dominic Williams, founder of the DFINITY Foundation, recently highlighted the importance of Compute in a discussion at Token2049 in Singapore. He said that Compute is the cornerstone of modern society.
With ICP’s secure and efficient infrastructure, online activity is likely to continue to grow. This makes ICP an attractive option for investors looking for long-term stability and growth.
Internet Computer (ICP) continues to impress with 10% growth despite the overall market decline. A potentially positive ‘Uptober’ presents opportunities for investors.
Do you always want to stay up to date? Then follow us on Google News.
Receive 10 euros of free crypto
In cooperation with Bitvavo, we are allowed 10 euros of free cryptocurrency donate to our readers. This is an exclusive collaboration with the largest stock exchange in the Netherlands. In addition, you can also trade €10,000 completely free on the platform for the first 7 days, this has value for 25 euros.
Start your crypto adventure with a welcome gift of 10 euros and create an account via the button below. You can find all the terms of this agreement on the campaign page.