The Web Pc (ICP/USD) value moved sideways because the consolidation within the cryptocurrency trade continued. The token is buying and selling at $8, which is about 36% above the bottom stage final week. It stays about 98% beneath its all-time excessive, bringing its whole market cap to about $1.8 billion.
Will ICP bounce again?
Web Pc is a blockchain undertaking that was launched in 2021 by Dfinity, a Swiss-based group. The platform’s purpose is to kind a basis of internet 3.0 by serving to builders construct high quality purposes.
Its platform has higher options than different blockchains like Ethereum and Solana. For instance, its knowledge storage prices are about $0.46 GB per 30 days, which is about 100,000x decrease than that of Solana. On the identical time, its decentralized purposes run 100% on-chain and are owned by DAOs.
In accordance with the builders, its ecosystem has develop into standard amongst creators. A few of the hottest purposes constructed utilizing Web Pc are Fleek, OpenChat, Web Identification, and Motoko Playground amongst others. They imagine that extra builders will embrace the platform sooner or later.
Whereas exercise within the Web Pc blockchain is rising, the ICP value has not carried out equally effectively. It has misplaced over 98% of its worth and is now the fortieth greatest undertaking on the earth.
There are a number of the reason why the ICP value has lagged the market. First, buyers haven’t embraced the coin after its crash that occurred shortly after its launch. Second, there are issues in regards to the aggressive nature of the trade. A few of the most notable gamers it’s competing with embody Avalanche, Solana, and even Ethereum.
Additional, like different cryptocurrencies, buyers are afraid of the hawkish stance of the Federal Reserve. The financial institution has dedicated to proceed climbing rates of interest in its bid to combat inflation. Additional, the current crash of Terra LUNA has not helped ICP and different cash.
Web Pc value prediction
On the four-hour chart, we see that the ICP value has been in a powerful downward development up to now few weeks. It fell to a low of $5.87 throughout the Terra LUNA massacre that occurred final week. It has remained beneath the descending trendline that’s proven in purple. The coin has additionally declined beneath the 25-day and 50-day shifting averages.
Subsequently, the trail of the least resistance for Web Pc value is decrease, with the subsequent key assist stage being at $5.50.
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