Internet Computer (ICP) Price Prediction, What Do the Charts Suggest Today?

ICP is currently down by 7.89% within 24 hours, trading at $7.26 today, February 20. Last month, the Internet Computer token traded at $4.60 on January 14 before closing the market the same day at $5.05. 

From January 15 to 26, ICP traded between $4 and $5 until January 27, when it rose to $6.05. From that day, the token recorded little rallies and pullbacks until February 17, when the price rose to $7.32. It has maintained this price level till today, February 20. 

Also, ICP reached an intraday high of $8.17 on February 19 before closing at $7.33. Even though the bearish pressure today has pushed the price down by 11%, the ICP community is optimistic about its potential to gain. 

Internet Computer Price Prediction 

Internet Computer (ICP) price is recording a slight pullback in the market today. After it traded at $7.32 on February 17, forming a long green candle on the daily chart, it is trading in the red today as the bears mount pressure on the price.

However, ICP is still trading above its 50-day and 200-day Simple Moving Average (SMA), a bullish signal. Also, the 50-day SMA is just rising above the 200-day SMA, suggesting a possible change in the prevailing bearish trend.

The support levels for today are $5.82, $6.44, and $6.89, while the resistance levels are $7.95, $8.57, and $9.01. The Relative Strength Index (RSI) is 66.73, close to the overbought region of 70. However, the indicator is moving sideways, indicating neutrality and the possibility of a sideway trend.

The Moving Average Convergence/Divergence (MACD) is above its signal line, which is a bullish signal. It implies that ICP will likely recover from the current price slump and continues to consolidate its gains. Expect ICP to test the $6.89 support soon before its rallies again to the $7 level and resume the uptrend. 

But, note that cryptocurrencies are volatile and can deviate from a predicted price direction and historical data. A proper understanding of technical and fundamental analysis is vital, as well as risk management.

Factors That May Be Affecting Internet Computer Price

News and other macroeconomic events can affect the price of cryptocurrencies. Several factors might affect ICP positively or otherwise.

ICP Experiencing Exponential Growth

ICP has seen impressive growth among its community in 2023 which has helped boost its price rally. Dfinity, the creators of the ICP project, affirmed this to the growing community on Twitter. 

Metrics for the Internet Computer have gone parabolic. Join @yapignolet & @kylelangham as they review the 2022 data story for the #InternetComputer https://t.co/mVyA3tyMd4

— DFINITY (@dfinity) December 20, 2022

The reason for this increased adoption could be ICP flair for Web3 activities. Web3 is the rave of the moment, powering games, NFTs, and other activities across blockchains. The ICP blockchain supports the development of applications and services on Web3.

FEDERALITY Partners With DFINITY Foundation

FEDERALITY, a non-profit organization for Italian entrepreneurship, has partnered with the DFINITY Foundation, creators of ICP. The purpose is to create a Dapp for FEDERALITY to enhance its services.

The Italian corporation works with over 7,000 companies and associations and has branches in over 20 countries worldwide. Adopting blockchain technology will open new opportunities and markets for the Italian giants. Such exposure will also help create more exposure for the ICP community.

FEDERALITY users no longer have to rely on a third party to carry out transactions since they can operate and utilize the blockchain. Historically, cryptocurrency prices soar when they enter productive partnerships with recognized brands.

Despite the current price slump, the news of this partnership and other exciting events has created a buzz in the ICP community. Moreover, this slump can also be seen in the general crypto market, gaining only 0.30% today.

Internet Computer ICP will remain relevant to users since it has created an image as a hub of creativity and advanced Web3 technology. Also, users can stake their tokens in the permission Network Nervous System (NNS) DAO that governs the ICP blockchain. Staking these tokens create voting neurons that generate voting rewards for users.