ICP coin – also known as Internet Computer Protocol – is regarded to have disruptive technology. The network is aiming to disrupt the centralized cloud computing on which cryptocurrencies rely for their decentralization. If successful, ICP also possess the potential to be a revolutionizing technology in the crypto space.
ICP has a blockbuster entrance in the crypto market with its price touching $1,000 if not more, on some exchanges. However, the cryptocurrency fell flat on its face from its journey towards the moon right after the launch hype died down. But is it making a comeback now?
In the daily timeframe, ICP crypto has started off on a bullish uptrend. At the time of writing, ICP coin stands at a price level of $46.64. The price has increased by 5% in the past twenty-four hours while the weekly increase is 45% – making it one of the best performers of the week. The daily trading volume has observed a decline of 15% while the market rank continues at twentieth.
Internet Computer Protocol – ICP price prediction
The market outlook for the cryptocurrency has turned bullish. Out of the total twenty-six technical indicators, eleven are giving out a signal of buy with nine standing at a neutral position and only two indications of sell.
A trader’s analysis identifies the formation of a bearish butterfly pattern by the price movements of ICP coin. Although the harmonic pattern is bearish in the long term, it suggests a price increase in the short to a medium-term timeframe. The price level of $50 lying at the 0.786 Fibonacci Retracement level is the next price target for ICP coin. Other major resistance levels/price targets lie at $81, $111, $129, $223 and finally $344. The 0.61 Fibonacci level at $39 has been registered as strong support.
The estimates of Digital Coin Price also suggest a rise of ICP to $71.81 by the end of 2021 and a subsequent climb towards $203 by 2028. This shows the market sentiment for ICP still remains uncertain – where some projections show the cryptocurrency to be bullish in the short run, others regard it to be bullish in the long run.