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The Internet Computer price is up 15% in the last 24 hours to trade for $15.416 as of 3:10 a.m. EST time, with trading volume rising 105%.
Over the last month, ICP is up 204%, with the potential to extend the gains as the broader market bullishness prevails.
The surge has fired the altcoin past meme coin Shiba Inu (SHIB) to take the 16th position on the list of cryptocurrencies by market capitalization.
Strong Fundamentals Behind The ICP Protocol Drive Internet Computer Price
Besides the market buoyancy driven by expectation of imminent spot Bitcoin ETF approvals, a driver of the Internet Computer price is the strong fundamentals behind the ICP protocol. Among them, are the utilities of the ICP token, such as being able to hold money and the staking function achieved using its Network Nervous System(NNS).
The NNS is the decentralized autonomous organization (DAO) that controls the Internet Computer blockchain. It operates as an open, permissionless governance system, open for participation when ICP holders stake their utility tokens in so-called neurons.
Decision-making is achieved through the voting process after proposals are presented by anyone in the ICP community.
The voting power of a neuron depends on the amount of ICP tokens the neuron stakes. It also hinges on the neuron’s dissolve delay (duration of the staking period), and the neuron’s age (time since the tokens have been staked). The utilities make the philosophy behind ICP
The philosophy behind #ICP isn't just having a fast network ⚡️
The reason for #ICP is to OWN the products and services that we use online every day ⚡️
Everything you use, you should have a say on ⛓🌎
— ICP HUBS NETWORK (@ICPHUBS) November 14, 2023
This shows that the bullishness of the Internet Computer price is not entirely dependent on the volatility seen in the Bitcoin price.
Internet Computer Price Outlook As The Utilities Philosophy Drives Growing Interest For ICP
After a 15% surge, Internet Computer price broke out from above the upper band of the Bollinger indicator at $14.403. This suggests a possible pullback incoming, a position that is accentuated by the fact that ICP is already massively overbought. This is seen in the position of the Relative Strength Index (RSI) at 82.
The RSI also appears subdued, moving horizontally as the bulls show exhaustion. However, owing to the fact that the bulls still maintain a presence in the ICP market, investors with open long positions should not close them just yet. However, those looking to open new longs should probably wait.
With multiple signs pointing to an impending correction, spooked traders could start booking early profits, with the ensuing selling pressure likely to send Internet Computer price lower to test the 78.6% Fibonacci level at $13.409.
Lower, the slump could see Internet Computer price test the most critical support at 61.8% Fibonacci retracement level at $11.141. However, for the prevailing bullish outlook to be invalidated, the ICP price must descend further, retracing the 50% Fibonacci level at $9.549, and record a daily candlestick close below it.
On the flip side, while the bulls still maintain a presence in the ICP market, increased bullish momentum could see Internet Computer price increase, reclaiming the range high at $16.300. In a highly bullish case, the price could shatter this barrier to record a new local top above the current market range.
Meanwhile, while the ICP market works out the next directional moves, investors are looking to Launchpad XYZ for the next 10X trade. Its native token, LPX, features among analysts’ top picks for the best AI crypto projects.
https://www.youtube.com/watch?v=3qvSMVDi4Yc&pp=ygUMbGF1bmNocGFkeHl6
Promising Alternative To Internet Computer
Launchpad XYZ and its ticker, LPX, take the stage as the most promising alternative to Internet Computer’s ICP token. The project helps investors find the next 10X trade, thereby eliminating the need to wait make speculative bets.
🚀 Outsmart the market with #LaunchpadXYZ's AI insights
Elevate your #Trading game! 🔥#LaunchpadKnows #Web3 #Crypto pic.twitter.com/gcZDqATf8F
— Launchpad.xyz (@launchpadlpx) November 9, 2023
The project is an all-new blockchain-based crypto ecosystem, revitalizing the investment sector of Web 3.0 through smart data, analytics, and insights on crypto and NFT investments. It boasts a user-friendly dashboard, which makes it easy for beginners to navigate the complexities of the Web 3.0 era.
🖱️ One click, and you're in the game. #LaunchpadXYZ offers easy one-click trading for maximum efficiency.#CryptoCurrency #Web3 #Altcoins pic.twitter.com/lpuhxOB3lu
— Launchpad.xyz (@launchpadlpx) December 30, 2023
With various features to simplify the complexities of the Web 3.0 investment space, Launchpad XYZ provides a decentralized exchange (DEX) that allows users to trade NFTs and swap tokens. You also enjoy access to high-value fractional assets like supercars and real estate, and exclusive access to private ICOs.
Tip of the day: In #Crypto, innovation is key. 🔑
Keep an eye out for projects that disrupt norms and introduce groundbreaking tech. ⚡️#InnovativeCrypto #LaunchpadXYZ
— Launchpad.xyz (@launchpadlpx) December 30, 2023
Investors looking to buy LPX can do so on the website, where each token is selling for $0.0445. So far, presale sales have reached $2.401 million.
Visit the official website to buy LPX in the presale here.
Also Read:
- Internet Computer Price Prediction: ICP Pumps 35% As This GambleFi Newcomer Takes Online Casino Industry By Storm
- Next BAYC or CryptoPunks? Discover Hot New NFTs to Buy Using Launchpad.xyz
- Last Call for Launchpad XYZ? Alessandro De Crypto Offers Last-Minute Insights
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