$ICP price prediction is a touchy subject and although the cryptocurrency had quite a solid story behind its launch and a strong company backing the currency, the launch alone saw a pump and dump when it first launched. The past 10 days have seen the coin fall almost consistently and the big question is, will this be a viable alt coin to purchase in the future?
What is $ICP?
According to Nomics, the Dfinity or $ICP currency has had an all time high of $455 that happened 24 days ago. The cryptocurrency is barely a month old and initially launched on May 5, 2021. The trade volume is at $412,957,446 and 28% of its exchange volume is on Binance.
Although new, the $ICP already has a market dominance of 1% and there is still only 26.45% of its total coins in circulation. Dfinity’s market cap is at $14.60B which is still long away from the ICP volume which is currently at $413.25 million with a supply of 469,349,752. Just recently Dfinity had a 51% transparent volume and has already been trading on 46 different active markets.
What is ICP Crypto?
The good thing about $ICP is that unlike other hype coins, it actually has intrinsic value due to it having a strong backing company behind it. According to Coinbase, ICP or Internet Computer is known to be a utility token that allows its users to participate in the governance of the official Internet Computer blockchain network.
The network reportedly aims to help developers be able to create websites, enterprise IT systems, assist internet services, and even DeFi applications by helping them install their code directly on the general public internet. $ICP can also be staked or even converted into certain cycles that can then be used in order to power computation for dApps and even other traditional applications.
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$ICP Price Prediction
There has been a lot of talk going around on the internet about the $ICP cryptocurrency being the next altcoin to invest on but the problem is that although the fundamentals are really strong, the technical analysis shows otherwise. The currency hasn’t reached 30 when it comes to the RSI and when looking at the graph, it has a mostly negative RSI movement.
When taking a look at the RSI, there are very rare positive spikes spotted and they usually go up for just a little bit before going down again. As of the course of the last few days, although the RSI would signal the coin going up, the price would then go down once the RSI goes back down again.
When it comes to the Bollinger’s Bonds, traders can see that there is still a lot of movement as of the moment and not that many breathers. The BB indicator, however, seems to be very useful when showing users how to exit from the currency. The $ICP price prediction, however, doesn’t look too good as of the moment as the currency might go down even more.
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Written by Urian B.
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