Internet Computer: Is a Bullish Relief Ahead for ICP Traders?

  • 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.

ICP social dominance and volatility

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.

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.

ICP weighted sentiment

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.

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.

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