Internet Computer and ICP token: Let us dig deeper
Internet Computer is a network developed by Dfinity, a Swiss-based organization, and backed by top venture capital firms. The platform’s goal is to help developers build decentralized applications like Non-Fungible Tokens (NFT) and Decentralized Finance (DeFi). It also hopes to help developers avoid centralized ecosystems such as those made by companies like Microsoft and Google.
Internet Computer was established in 2021, and the price of its token popped. At the time, it even became a top-ten digital currency with a valuation of over $10 billion. Today, ICP is trading at $22.19, which is about 96% below the highest level on record. There is a max supply of 469,213.710 coins.
Its total market cap has declined to $4.8 billion and underperformed most coins. Analysts attribute this performance to the fact that most developers have opted for alternative platforms like Terra, Ethereum, and Solana.
Internet Computer (ICP) price history and technical analysis
Internet Computer’s performance has been a bit weak since its earlier days. The coin initially jumped to an all-time high of $629 and has crashed by about 96% from its all-time high. It reached an all-time low of $14.7.
On the daily chart, the coin appeared to find substantial support at about $15 in the first quarter of 2022. Since then, it has risen to $22.2, which is about 40% above its support. The coin has moved slightly above the 50-day moving average while the accumulation and distribution (A/D) has pointed upwards.
This is a sign that some investors are accumulating, considering that volume has also increased. The coin’s MACD has also risen above the neutral level. Therefore, there is a likelihood that the coin will keep rising as bulls target the next key resistance level at $37, which was the highest point on January 22nd.
Internet Computer (ICP) price prediction for a year
Internet Computer’s future price depends on two main factors. First, it will depend on how developers embrace the network. There are signs that they are considering multiple apps built within the network, like Distrikt, Plug, and Internet Identity. Second, the upcoming decisions by the Federal Reserve will be in play. A more hawkish bank will likely push it and other coins lower.
Based on the daily chart above, it has formed important support at $15.80, signaling that the decline may have bottomed. As a result, there is a possibility that it will keep rising in 2022. An analysis at Long Forecast is not optimistic since they expect it to drop to $16. Another estimate by Wallet Investor is also pessimistic as they expect that the coin will keep dropping.
Internet Computer (ICP) price prediction for 2025
Internet Computer price faces a difficult path in the next few years. While the creators are working on key upgrades, its traction among application developers has been weak. This explains why there is no major runaway success from the platform the way Uniswap did well for Ethereum. As a result, it is not possible to find any of its apps on popular platforms like DappRadar and DeFi Llama. Also, the chart’s technicals are a bit weak.
Studies by multiple platforms have mixed opinions about the future performance of the Internet Computer price. For example, Digital Coin Price estimates that the coin’s price will rise to $44 in 2025. Its lowest and highest levels during the year will be $38 and $47. On the other hand, Long Forecast estimates that it will be at about $18.
Internet Computer (ICP) in questions and answers
Is Internet Computer coin real?
Yes. Internet Computer (ICP) is a real cryptocurrency that is used to govern Dfinity’s blockchain platform. It is a popular coin, valued at over $4 billion.
Will Internet Computer reach $100?
ICP needs to rise by 353% to get to $100. As we have seen in other cryptocurrencies, this is an attainable level for a coin to rise. Therefore, in case the project gains traction, there is a possibility that it will move to this level.
Should I buy ICP coin?
ICP is a cheap coin that has crashed by over 95% from its all-time high. While its cheapness is attractive, there is a likelihood that it is a value trap, meaning that it will likely decline. At this stage, it is hard to recommend buying ICP.
How much will be Internet Computer be in five years?
ICP is a difficult coin to predict in 2025 because of the numerous variables at play. Also, there are different views about where it will be in 2025. The range to watch will be support at $10 and resistance at $25.
Where do I buy ICP?
You can buy Internet Computer on popular exchanges like Huobi, Binance, and Bitfinex.
This article represents the views of the author. Cryptocurrencies are highly speculative assets, and the author will not be held liable for any losses.
