Web Laptop (ICP) is seeing bullish exercise regardless of the present bearish environment. As of press time, ICP, its native token, has misplaced its maintain on the essential $10 deal with, and at present buying and selling at $9.93, following a weekly rise of greater than 80%.
ICP surged by 30% over the weekend and peaked at $11.50 earlier. It has now damaged into the highest 20 cryptocurrencies by market capitalization. In the identical timeframe, the token’s commerce quantity elevated by 73% to $730 million.
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ICP up over 80% within the final week. Supply: Coingeko
Web Laptop, The Weekly High Performer
With six straight inexperienced candles within the every day timeframe, Web Laptop distinguished itself as the largest gainer of the week, defying the present market volatility.
Its worth elevated by round 120% from the low of $5.20 on December twelfth to a brand new yearly excessive of $11.30. The value of the coin has damaged by way of some vital resistances throughout this rise, giving patrons an opportunity to increase the rebound.
In the case of blockchain know-how, Web Laptop is among the many largest and most distinctive networks. The community, which debuted in 2021, has all of the performance builders require to create decentralized apps (dApps).
Its abundance of performance units it aside from different layer 1 and layer 2 networks akin to Ethereum, Polygon, and Cardano. Customers can use its infrastructure to create and host their purposes.
ICP market cap at present at $4.3 billion. Chart: TradingView.com
ICP’s worth has elevated because of its assist for Bitcoin, the most important cryptocurrency globally. Due to this connection, its canister good contracts are capable of ship, obtain, and retain Bitcoin on the community. Said in a different way, these canisters are functionally equal to different Bitcoin holders on the BTC community.
Because of this Bitcoin good contract capabilities akin to decentralized swaps and buying and selling may be dealt with by Web computer systems. Moreover, it has ckBTC, which has a 1:1 Bitcoin backing.
ICP seven-day worth motion. Supply: Coingecko
Bollinger bands on the Web Compter are shifting, indicating excessive ranges of worth volatility. Within the overbought space, the Relative Power Index (RSI) is above the typical line, indicating bull dominance within the worth of Web computer systems.
Key Partnerships
In the meantime, the staff’s announcement of a collaboration between Web Laptop, Gaudi Data, and Moon Labs is among the many most notable developments in gentle of the latest spike within the firm’s valuation.
Thrilled to announce the Strategic Partnership with Gaudi Data Affiliation (@gaudiknowledge) and The Moon Labs (@LeisureMeta_LM). @ICPhubkorea would be the major accomplice for the Web3 venture between Gaudi Data Affiliation and The Moon Labs.
We’re revealing the… pic.twitter.com/iTuzb4oGgb
— ICP.Hub Korea (@ICPhubkorea) December 13, 2023
By teaming up with the Web Laptop Mission’s South Korean affiliate, the 2 organizations would “Recreate Gaudi’s structure, arts, and incomplete architectural blueprints within the Metaverse on ICP.”
There isn’t any proof of weakening within the worth conduct and a powerful probability of a rally with the notable enhance in quantity. Within the occasion that the ICP worth sustains itself above the $9.5 barrier, purchasers might pursue the subsequent doable objectives, that are $11.50 to $14.50.
The 50-day and 100-day shifting averages are supporting ICP. In response to some observers, the coin is about to kind a bullish flag after which decide up pace once more. It has already formed this flag sample’s pole. Web Laptop might be going to check the weekend excessive of $11.90 if this happens.
Featured picture from Uropong/Getty Photos
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