Bears Are Shaking, ICP Crypto Got Strong Support From Buyers

• Internet Computer price has gotten strong support from crypto buyers at the $12.21 key level.
• Technical indicators summary suggests a bearish signal in the current trading phase.
• The trading volume has declined by 5.43% in the last 24-hour session.

Internet Computer (ICP) is a decentralized World Computer blockchain that offers the development of online systems or services. Without the need for traditional IT cloud computing services, users can build any online systems and services or demand web social media. The blockchain incorporates a radical rethink of blockchain design and enables full end-to-end decentralization. The network is protected by an advanced DAO protocol called the Network Nervous System (NNS).

ICP Crypto Supply Changes, Valuation & Distribution May 2024

The Internet Computer crypto hiked over 2% in the last seven days. ICP token is outperforming the global cryptocurrency market, which is down by 1.00%. The current market capitalization of ICP stands at $6.16 Billion. It is placed under the top 20 most dominant cryptocurrencies on the globe.

Internet Computer’s maximum supply is uncapped, meaning the project can have as many tokens as needed in the future. 518 million ICP tokens have been created to date, out of which over 463 million tokens are in current circulation. The full diluted valuation of the cryptocurrency is assumed to be at around $6.89 Billion.

The Initial distribution of ICP tokens is broadly categorized in the following ways:-

DFINITY Foundation has the highest percentage of allocation after the seeding round. The Internet Computer team has 18% of the tokens, followed by strategic Partnerships, which hold 10.8% of the current circulation supply. ICP has a soft side for its early contributors. It distributed 9.5% of tokens to the early contributors. The above statistics show that the project has a strong foundational base and long-term strategy.

Technical Analysis Of Internet Computer (ICP/USD)

The current price slipped between the key exponential moving averages, indicating an uncertain trend in the short-term session. If the ICP price rebounds the 50-day EMA, the continuation of the bullish trend can be expected.

ICP price has given a breakout from the $16.27 resistance level. The price made a new resistance at the $21.01 level and fell to the $12.21 demand zone. The current price is struggling between the $16.27 and $12.21 levels. If the price breaks above the $17.86 level, the price may be seen breaking above the $21.01 resistance level.

Moreover, the relative strength index (RSI) line is moving in correlation with the spot price movement. This oscillates a neutral perspective over the momentum in the current trading phase. The RSI line is at 44.87 below the SMA line.

Summary

Since December 2023, the Internet Computer crypto has shown a strong bullish trend. The six-month returns of the ICP crypto reflect over 220% positive profitability. Currently, the price is trading at $13.34, gained bullish reactions from the $12.21 demand zone. Regarding the technicals, If the ICP price breaks above the $17.86 level, the price may be seen breaking above the $21.01 resistance level. In addition, a shortfall can be expected below the $9.48 support level.

Technical Levels

• Resistance Levels: $16.27 and $21.01
• Support Levels: $12.21 and $9.48

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.