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HomeNewsInternet Computer (ICP) Shows Signs of Stability Amidst Consolidation Phase

Internet Computer (ICP) Shows Signs of Stability Amidst Consolidation Phase

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  • ICP had a price spike, rising 38.68% over the previous month and rising 45.60% in just two days.
  • The Internet Computer brought features that improved productivity and usefulness, enabling decentralized cloud storage and scalable full-stack dApps.

Internet Computer (ICP) market fluctuations and technological advances have made crypto headlines. Since April 2024, the ICP token has surged, indicating strong market sentiment, and the platform has evolved, strengthening its position in the blockchain ecosystem.

Analyzing ICP’s Recent Price SurgeĀ 

Notable has been the price trajectory of ICP, which has reportedly increased by 38.68% over the last month and by 45.60% in just the last two days. The OI-Weighted Funding Rate also shows an upward trend, indicating a steady but moderately positive level of user interest.

icp
Source: Coinglass

But over the past three weeks, the RSI (Relative Strength Index) has been falling, suggesting that the active buying ecology may experience a decline in interest, which could usher in a phase of market consolidation.

Source: Santiment

The ICP price rose 90.82% from $10.79 to $20.59 in a week from March 20 to 27. On March 23, a ‘golden cross’ on the ICP 4H price chart indicated bullish momentum, highlighting this large gain.

Despite this positive indication, a recent tightening of the Exponential Moving Average (EMA) lines suggests short-term consolidation, possibly stabilizing the price between $16 and $18.

Source: TradingView

ICP’s price could challenge $20.99’s resistance level or fall to $11.5 or $10.5, depending on market sentiment and buy pressure. For a deeper dive into these developments, you can find a detailed explanation in this YouTube video.

Technological LeapĀ 

Internet Computer platform’s ecosystem expansion and technological advancements are too important to ignore in spite of these market signals. In an effort to speed up the adoption of Web3, the platform has opened a hub in Portugal, which offers developers and companies a special platform.

This action demonstrates Internet Computer’s dedication to fostering scalability and innovation in the blockchain sector.

Technically speaking, Internet Computer has added features that greatly improve its usefulness and effectiveness. It facilitates, for example, the creation of full-stack dApps that are scalable without sacrificing efficiency.

Because of the platform’s architecture, developers may move computation operations onto the blockchain and lessen their dependency on off-chain resources thanks to decentralized cloud storage and Web2 APIs.

This invention tackles a few of the typical issues that blockchain developers deal with, especially those that have to do with performance and scalability.

Furthermore, the blockchain of the Internet Computer provides World Computer features, revolutionizing the development of decentralized online systems and services, as formerly reported by ETHNews.

It uses smart contract software to build impenetrable systems that do not need conventional IT security measures against intrusions.

By combining social media and DeFi, this innovation not only improves security but also creates new economic channels, giving rise to new industries like SocialFi.

The noteworthy rise in Total Value Locked (TVL), which has just hit record highs, is more proof of the ecosystem’s expansion. Because of this expansion as well as the platform’s capacity to draw in a diverse range of dApps and sustain fast transaction times, the Internet Computer has a strong and active community.

The “reverse gas” mechanism for canister smart contracts and the Internet Identity for blockchain identification are two of the platform’s distinctive characteristics that make it popular with developers and consumers alike.

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Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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