The decentralized finance (DeFi) landscape has witnessed a series of peaks and valleys, with numerous ventures striving to establish their presence in a swiftly transforming market. In this realm, Internet Computer (ICP) emerged with an innovative vision, empowering developers to craft decentralized applications at unprecedented speeds.
Distinguished by its blockchain-based computing infrastructure that streamlines data implementation and storage, ICP stands out in the DeFi sphere. Nevertheless, the journey of ICP in the market has been akin to a turbulent rollercoaster ride.
Initially soaring to approximately $750 shortly after its debut in May 2021, ICP subsequently experienced a staggering decline of over 90% within a brief span, stabilizing within the $40-$60 range by late 2021. The downward trajectory persisted throughout 2021 and 2022, culminating in ICP plummeting to a low of $2.82 in September 2023.
However, the onset of the first quarter of 2024 brought about a semblance of recovery, as ICP prices ascended to $20.96 before finding stability above the $5.21 support level by July. Presently, as of September 2024, ICP’s price fluctuates between $9.10 and $6.80, accompanied by a Bullish sentiment and a Fear & Greed Index registering a reading of 37, indicating prevailing apprehension in the market.
Adding an intriguing twist to the narrative, ICP has exhibited resilience, boasting 60% green days over the past month with a mere 6.06% volatility. Could this tranquility foreshadow an impending storm? Keep an eye out as we delve deeper into the future prospects of Internet Computer.
Internet Computer (ICP) Real-Time Market Status
| 🪙 Name | Internet Computer |
| 💱 Symbol | ICP |
| 🏅 Rank | #23 |
| 💲 Price | $8.5588067615563 |
| 📊 Price Change (1h) | -0.58 % |
| 📊 Price Change (24h) | 6.98 % |
| 📊 Price Change (7d) | 18.37 % |
| 💵 Market Cap | $4021551013.9035 |
| 💸 Circulating Supply | 469872860.31122 ICP |
| 💰 Total Supply | 522353681.36638 ICP |
Internet Computer (ICP) is presently priced at $8.56 and holds the 23rd position on CoinMarketCap based on market capitalization. With 469,872,860.31 ICP coins in circulation, the total market capitalization amounts to approximately $4,021,551,013.90.
In the previous 24 hours, Internet Computer has surged by 6.98%. Observing the trends over the past week, the coin has appreciated by 18.37%.
Internet Computer (ICP) is a blockchain network engineered to elevate the efficiency, speed, and decentralization of web services, with the ambition of establishing a “world computer.” This platform empowers developers to construct decentralized applications (dApps) free from reliance on conventional, centralized IT infrastructure.
Operating on a global network of nodes overseen by independent providers, the network forms a wholly decentralized system. The native token of ICP, also named ICP, holds a pivotal role within the ecosystem by fueling computations, engaging in network governance, and incentivizing users.
ICP tokens are transmuted into “cycles” to drive smart contracts, which function with efficiency and scalability reminiscent of traditional IT systems. Furthermore, ICP can be staked within the Network Nervous System (NNS), a decentralized autonomous organization (DAO) governing the Internet Computer network, facilitating users to earn rewards and partake in decision-making processes.
Moreover, Internet Computer’s framework integrates distinctive elements such as chain key cryptography and subnet blockchains, enabling seamless scalability and upholding a high standard of security and decentralization. These attributes position it as a robust platform for constructing cutting-edge Web3 services, encompassing SocialFi, GameFi, DeFi, and metaverse applications.
ICP Current Market Status
The ICP token has experienced a tumultuous journey over the last month, with its price oscillating between significant support and resistance levels at approximately $7.00 and $9.09, respectively. This fluctuation has been evident across both weekly and daily charts, suggesting robust engagement from both short-term traders and long-term investors in the market.
Source: CoinMarketCap
ICP is currently trading at $8.67, marking a 10.14% increase in the last 24 hours, a 19.57% gain over the past week, and an impressive 23% rise over the past month. This surge has propelled the token’s market capitalization to $4.071 billion, securing its position as the 21st largest cryptocurrency by market capitalization.
In tandem with the price increase, ICP’s 24-hour trading volume has surged by 200.92% to $188.552 million, indicating a surge in investor confidence and trading activity surrounding the token.
Internet Computer (ICP) Price Analysis
The optimistic outlook surrounding ICP has attracted new investors seeking to capitalize on its upward momentum. With a circulating supply of 469,874,725 ICP, there is significant potential for further price appreciation as demand continues to rise. In this segment, Coin Edition offers an in-depth analysis of ICP’s recent performance and its potential for growth in the cryptocurrency market.
Internet Computer (ICP) Price Analysis – Bollinger Bands
Based on the weekly Bollinger Bands indicator, the ICP token has been consolidating in a sideways trend. This pattern suggests a phase of consolidation, with the token’s price fluctuating within a defined range.
Additionally, the narrowing of the Bollinger Bands indicates low market volatility, signaling that traders are awaiting a definitive move. Presently, the price is hovering around the middle band at $8.597.
Source: TradingView
A move above this level has the potential to spark a breakout, paving the way for a possible bullish trend. Conversely, if the middle band acts as a resistance barrier, the price may retreat towards the lower band at $5.261. Such a retreat could trigger a bearish trend, potentially pushing the ICP token further downward.
Internet Computer (ICP) Price Analysis – Relative Strength Index
The Relative Strength Index (RSI) mirrors a similar trajectory. On the weekly chart, the RSI line has been steadily climbing, indicating a strengthening bullish momentum. Having emerged from oversold territory, the RSI presently rests at 47.32, suggesting a phase of consolidation before a potential reversal unfolds.
Source: TradingView
This trend hints at a more optimistic outlook for ICP despite short-term fluctuations. A potential bullish trajectory could be confirmed if the RSI surpasses the neutral 50 mark, potentially initiating a sustained upward movement for the ICP token.
If this positive momentum endures, it could propel ICP towards its recent resistance level at $20.96, inching closer to overbought conditions.
Internet Computer (ICP) Price Analysis – Moving Average Convergence Divergence (MACD)
The MACD indicator has indicated a prolonged bearish trend for ICP, but a shift appears imminent. Similar to the RSI, this indicator now indicates an increasing bullish momentum in the short term. Notably, the MACD line is nearing a crossover with the signal line at -0.926, on the brink of transitioning into positive territory.
Source: TradingView
The evolving MACD histogram indicates a diminishing bearish pressure, with red bars decreasing and nearing the zero line. If this upward trajectory persists, ICP could soon challenge the $20.96 resistance level and potentially break through it.
Internet Computer (ICP) Price Prediction 2024
The DMI indicator displays an ADX reading of 21.0934, suggesting that the market is currently experiencing a consolidation phase lacking a clear directional trend. The +DI is presently at 22.0116, while the -DI shows a slight increase to 22.8660, indicating a subtle bearish inclination.
Despite this, the proximity of the +DI and -DI lines implies a state of indecision, leaving room for a potential shift in market momentum.
In light of the present market dynamics, analysts anticipate that ICP’s price may maintain a relatively stable stance until a clear trend emerges. Should bullish momentum strengthen, ICP could embark on a rally towards the $20.96 resistance level, potentially surpassing it.
If such a breakout occurs, the token’s value could ascend to $22.70, correlating with the 23.60% Fibonacci level by the end of the year. Conversely, in a scenario where bearish pressures prevail, ICP’s price might retreat to test the $2.80 support level, potentially initiating further declines.
According to Coin Edition’s price projections for Internet Computer (ICP):
- 2025: ICP could reach $34.96 due to post-BTC halving momentum, but might drop to $16.38 in the face of market corrections.
- 2026: Predictions suggest ICP’s price could dip to $7.50 as BTC halving enthusiasm wanes, with a potential peak at $24.68 driven by ongoing developments.
- 2027: ICP may rise to $37.87 in anticipation of the 2028 BTC halving, yet could fall to $20.97 amidst market uncertainty.
- 2028: The outlook indicates ICP could soar to $49.28 following the BTC halving, but might retreat to $31.71 amid potential volatility.
- 2029: ICP could climb to $86.87 due to strong community support, or drop to $37.87 if broader market pressures intensify.
- 2030: ICP might reach $106.86 driven by technological advancements, but could slide to $79.50 if market conditions weaken.
- 2040: In the long-term forecast, ICP could retest its all-time high of $750.73, reflecting widespread adoption, or fall to $622.02 due to technological challenges or market disruptions.