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The year has been a particularly intense one for the cryptocurrency market, with a myriad of decentralized and centralized organizations barely keeping afloat. Nevertheless, it feels as though we are approaching the tail end of the bear market, with the likes of Internet Computer price flashing green.
On metrics of the most valuable Metaverse initiatives, ICP’s market valuation of $1.08 billion, positions it among the top tokens worth investing in for the long term, with users riding on its potential to define a Metaverse future.
GM! GM! If you haven’t 👀 #InternetComputer Review by @Bitboy_Crypto: “ICP to reinvent the Internet that takes away power from big tech and distribute it to the people-to create a World Computer that cannot be shut down”.
Snippets👇
👀 in full🧵🎬 #ICPeople #Web3 #ICP 🔥🇵🇭 pic.twitter.com/M2MkiYTtaF
— ICP HUB Philippines (@icphub_PH) December 21, 2022
At the time of writing, ICP price was trading at $3.9, up by 1.6% in the last 24 hours. Its market capitalization of $1.095 billion places it at #35 on the CoinMarketCap ranking and is currently recording a live 24-hour trading volume of $27,698,601.
Is Internet Computer A Worthy Investment?
The Internet Computer Protocol is a blockchain network designed to deliver more efficiency, speed, and decentralization to computation and the storage of data. In its design, the project wants to address weaknesses associated with the traditional Internet, including monopolization of services, poor systems security, and misuse of personal data. By offering a fast and efficient blockchain, therefore, the network enables decentralized Web3 services.
The native utility token of the Internet Computer network is ICP and is used to facilitate the network’s governance, reward network participants for their engagement in its ecosystem, and to compensate nodes performing computations.
The Internet Computer blockchain integrates a radical rethink of blockchain design, powered by cryptography innovations that enable it to deliver the first “World Computer” blockchain useful in building almost any online system or service. These include demanding web social media, without the need for traditional IT services such as cloud computing. Resultantly, the ICP blockchain can enable full end-to-end decentralization.
On the question of whether it is a good buy, this innovative blockchain project climbed the prominence ladder in 2021 during the peak of the cryptocurrency bull run where its first trading day yielded outstanding results and recorded a market cap far above $10 billion.
The project is managed by Dfinity Foundation, a Swiss-based company, and has stayed true to its original commitment to reform smart contract technology. In the same spirit, the protocol optimizes the speed of smart contract transactions while minimizing storage costs.
ICP operates on a chain of cryptographic protocols that link autonomous nodes to blockchains, thereby enabling the blockchains to execute smart contracts and canisters.
Courtesy of ICP, users can develop applications without having to connect to oracle networks such as Chainlink with the canister on the network. The canisters can process and store vital data with proper handling.
ICP also provides users with multiple features that have enhanced its real-time use. Among the special features, including an eco-friendly platform, unlimited scaling, bitcoin liquidity, and gas fee scaling.
Despite struggling for recognition within the blockchain arena, the total number of transactions on the ICP platform has increased, despite the sentimental attachments that developers have to alternative platforms like Ethereum, Avalanche, and Solana.
Internet Computer Price Bullish Pattern Targets a 15% Upswing
ICP’s price is trading with a bullish bias, with the price action forming a double-bottom chart pattern on the daily chart (below). Such a pattern implies a bullish reversal and in most instances develops when an asset attempts to retest a specific support area twice. In the double-bottom pattern, the two bottoms are separated by a moderate price peak, the neckline.
Based on the chart (below), ICP has already completed the second bottom. It was trading below a crucial supply area ranging from $4.12 to $4.51. The double-bottom pattern would be confirmed if the ICP price breaks through the said supply area to confront the resistance at $4.5. To do so, the price would have to break past the resistance offered by the 50-day Simple Moving Average (SMA), signaling the start of a 15.2% growth to $4.513, as observed on the chart.
ICP/USD Daily Chart
If buying pressure increases and the price makes the 15.2% climb to the target price at $4.5, the Internet Computer coin may yet again breach the resistance at the $4.70 psychological level, which is embraced by the 100-day SMA and in overly ambitious cases, rise to hit the $5.8 range high denoted by the 200-day SMA.
The moving average convergence divergence (MACD) and the relative strength index (RSI) indicators were facing upward, suggesting that the market sentiment was still positive. In addition, the MACD had sent a call to buy ICP in the same timeframe. This happened on December 26 when the 12-day exponential moving average (EMA) crossed above the 26-day EMA, signaling that buyers are persistently expressing interest in keeping with the market’s longer-term trend.
On the downside, should the price fail to crack open the resistance offered by the 50-day SMA, the ICP price might drop first toward the $3.66 support level or later to retest the local low at $3.489.
However, with both the MACD and RSI tipping upwards, it showed that more buyers were entering the market and the Internet Computer price may continue to rise. This adds credence to the bullish thesis.
Crypto Projects To Take Advantage Of In The Coming Year
The cryptocurrency community is overflowing with enthusiasm at the sight of many new crypto projects to take advantage of in the coming year, 2023. The following crypto projects offer exceptional use cases that allure crypto investors and whales to participate in their early-stage presale events.
https://twitter.com/CGTofficial/status/1605232489324240898
FightOut (FGHT)
FightOut is a new move-to-earn (M2E) fitness platform offering users intensive workout programs alongside several earning mechanisms. Whales in the crypto playing field have set their sights on this amazing M2E platform and are actively acquiring its $FGHT tokens currently in the presale.
The total supply of FGHT is 10 billion, with almost 60% allocated to its presale. This offers investors a chance to purchase FGHT at a low price. To incentivize you further and other investors, you can earn up to 50% additional FGHT tokens as a reward. This reward depends on the FGHT purchased and the length of the vesting period you opt for when buying FGHT tokens. The project developers have now opened the token to the general public, and stage one of the presale has already raised more than $2.3 million.
FightOut keeps you in a fighting fit mode by providing every equipment and workout program required to develop and maintain a high baseline of strength, cardio, wellness, mental resilience, and muscular endurance.
With #MoveToEarn, the potential for creativity and innovation is limitless.
FightOut combines fitness and blockchain to make it easy for people to stay active in a fun and simple way!
Learn more at https://t.co/z34Nkx3ffi! pic.twitter.com/ZOzO4vufXh
— Fight Out (@FightOut_) December 27, 2022
Calvaria (RIA)
Calvaria‘s utility token RIA is currently approaching the end of its presale which will most likely end on the last day of January 2023. Based on the project communication, RIA will be listed on the centralized crypto exchange LBank once the presale is over. Undoubtedly, this means the RIA price will be significantly higher from that moment on. It goes without saying that investors should take advantage of the few remaining days of the presale and invest in RIA while the price is still affordable.
Calvaria’s RIA token presale has certainly recorded one of the most successful crypto presales this year, a fact that is bolstered by the record that from the beginning of the presale until now, over 2.57 million USDT has been raised! The goal is to raise 3,075 million USDT by the end of the presale, and as things stand, this milestone may be achieved before January 31, 2023.
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