In This Article
Internet Computer (ICP),
Internet Computer
1.59%
Internet Computer
ICP
Price
$2.30
1.59% /24h
Volume in 24h
$26.61M
Price 7d
, has faced relentless selling, losing 60% since April under a descending resistance. Bitcoiners and Ethereum holders mocked ICP crypto, saying, “ICP is for a useless token that doesn’t even do anything. Talk about a worthless waste of energy for PoW.”
All that might be over.
This week, the Internet Computer token’s burn rate nearly doubled, sparking an ICP price surge.
Moreover, for such a huge boost in ICP burned, there seems to be little change in Power Consumption.
ICP broke out of its bearish descending triangle continuation pattern and is now printing a bull flag on the 1h.
Here’s where it’s headed next.
Internet Computer Analysis: ICP Crypto is About to Breakout
Trading around $8.67, the Internet Computer’s (ICP) surge isn’t just luck; on-chain metrics are painting a bullish picture that could see it outperforming the top altcoins.
For starters, futures open interest for ICP has climbed from $35.87 million to $47.21 million in two days, signaling fresh capital and buying pressure.
Meanwhile, trading volume skyrocketed by 73% over a few days, hitting $2.38 million, hinting at growing interest. The price is in a zone where if it breaks past here and breaks the pattern, it will be incredibly bullish.
ICP still has many problems, like decentralization. While it is more decentralized than critics give it, it’s not immutable.
It’s far more immutable than centralized competitors like AWS or Azure.
That’s the compromise made with the reverse gas tokenomic model. We here at 99Bitcoins imagine it’ll be up to the individual nodes hosting your data whether it will stay on chain. Still, we guess that’s okay. Considering that there are more nodes in the network, the chance of one of them keeping your canister running no matter what it’s doing increases.
One of the other positives of Internet Computer crypto is that it’s becoming an AI chain.
Currently, the network is handling DecideAI demand like a champ. As we can see, the tech for ICP is extremely high-value and is going nowhere. We are probably at 1% saturation for opportunity with AI right now. On-chain AI solutions will be a huge sector.
If you’re looking to invest in ICP, this might be the buying opportunity you’re looking for before another big runup.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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