- ICP is approaching a 40% discount from February highs as signs of a pivot begin to appear.
- Internet Computer secures development leader amid major smart contract announcement.
The internet computer native cryptocurrency ICP is certainly one to keep an eye on given the discount it has received in recent weeks. In addition, it is now approaching a major support level and signs of a possible pivot are in the works.
Is your wallet green? Check out the Internet Computer Profit Calculator
ICP’s price of $5.18 a time was quickly approaching an important or noteworthy range. Interestingly, the price was now interacting with the 200-day moving average.
The latter is often considered a pivot zone, but that need not always be the case. Perhaps a more important observation is that the price is now within a near-term support range as indicated in the price chart.
Source: TradingView
If current support from ICP remains strong, investors should look for accumulation within the $5 to $5.20 price range.
ICP has been experiencing outflows since peaking in February and has since declined by about 36%.
In addition, the money flow indicator has now rotated, confirming that some accumulation is now taking place.
ICP gets attention but no conversion to buying pressure
ICP traders may want to take note of several metrics that could point to the next big move.
For example, the measure of price volatility remains high, confirming that ICP continues to receive significant investor attention.
The token’s social dominance metric registered its biggest spike in 4 weeks during Tuesday’s trading session, meaning plenty of chatter among investors.
Source: Sentiment
These stats indicate a high probability of securing robust volumes to keep price going or support a pivot. The latest development data may provide some incentive for optimistic sentiment.
The latest ProofOfGitHub data shows that the internet computer had the highest development activity among the best decentralized networks.
GitHub daily development activity:
#1: 656 internet computer
#2: 605 Cardano
#3: 588 Ethereum
#4: 560 Polka Dot / Kusama
#5: 540 Hedera
#6: 472 Vega Protocol
#7: 435 status
#8: 422 IOTA
#9: 362 Uniswap
#10: 352 Everscale pic.twitter.com/BfjoUc4FZJ— ProofofGitHub (@ProofofGitHub) March 8, 2023
ICP’s weighted sentiment metric shows that sentiment is still in favor of the bears, contrary to expectations. In other words, most traders still expect the price of ICP to continue falling.
Source: Sentiment
On the bright side, DFINITY just revealed that it has been working on smart contracts that can facilitate Bitcoin and Ethereum transactions without the need for private keys.
While the move is intended to provide greater efficiency and smoothness, it did raise some security-related criticism.
Internet Computer bus can create smart contracts #Bitcoin And #Ethereum transactions without the need for a private key
The unique capabilities of the #InternetComputer Blockchain and canister smart contracts will make it possible to develop many new innovative ideas pic.twitter.com/nTH9nzgixL
— DFINITY (@dfinity) March 7, 2023
Realistic or not, here is the market cap of Internet Computer in terms of BTC
The development is part of the network’s plan to support wider integration with other networks. In terms of ICP’s price action, investors should be aware that there are currently economic and regulatory issues affecting crypto prices.