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Internet Computer (ICP) Price Prediction – When will ICP hit $50?

author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 3, 2024 by TOP FOREX BROKERS REVIEW

In May 2021, the Internet Computer was unveiled by the DFINITY Foundation with the intention of establishing it as an all-encompassing blockchain platform that could accommodate decentralized applications (dapps). 

The primary aim is to provide consistent computational expenses, thereby mitigating the instability and scalability challenges frequently faced by conventional blockchain networks. Chain Key Cryptography, which implements novel functionalities to further this objective, forms the foundation of the Internet Computer.

To promote on-chain dapp functionality, data storage expenses are kept to a minimum, whereas smart contracts provide direct responses to HTTP requests from users, thereby augmenting the overall user experience. The platform places a high value on ensuring user anonymity and employs a reverse gas model, whereby the financial burden is placed on developers rather than on users. In contrast to centralized cloud nodes, the infrastructure of the Internet Computer reflects the decentralized model of Bitcoin.

The Internet Computer ecosystem is significantly influenced by the proprietary token ICP. This technology facilitates governance features by permitting stakeholders to stake ICP tokens in order to generate "Neurons," which bestow voting privileges and sway over proposals in exchange for rewards.

What is the latest ICP Price Prediction? Let’s see the Internet Computer (ICP) Price Prediction from the Internet Forecast today:

ICP/USD: What Should Bulls Focus On?

ICP/USD: What Should Bulls Focus On?

This technical analysis shows the ICP/USD daily chart, where the bullish trend is easily visible. ICP/USD bulls regained momentum following large-cap crypto coins and made new swing highs. The dynamic 20 EMA support level supports the continued bullish momentum. Furthermore, the indicator window shows how the RSI level remains steady above the neutral 50 level, where the chance of testing the overbought 70 level is high, pushing further pressure on sellers.

In Internet Computer Price Prediction, investors may expect a strong bullish continuation from the current Pennant breakout. As the broader outlook is bullish, a daily candle above the 14.21 resistance level could be a valid long opportunity, targeting the 20.47 Fibonacci Extension level.

On the bearish side, a downside continuation is possible, where a valid selling pressure below the 9.520 level could be a short opportunity, targeting the 4.927 support level.

ICP/USD Ichimoku Cloud Analysis

ICP/USD Ichimoku Cloud Analysis

According to the Ichimoku Cloud ICP Coin Price Prediction, the ICP/USD market trend is strongly bullish as the recent bullish recovery above the Cloud support holds the buying pressure. As a result, the market momentum shifted in the buyers’ direction, where the Senkou Span A aims higher in the future cloud, indicating further buying pressure.

In this indicator window, the buyer's dominance is clearly visible from the Traders Dynamic Index Indicator, a unique tool to measure bulls/bears' momentum. The current TDI line is above the 50 level, signifying the market momentum toward buyers' direction. The TDI line is yet to test the overbought zone, extending the upward pressure in the price chart.

According to the ICP forecast, the current market trend is bullish, which may extend the momentum above the 16.30 swing high. However, before opening a long position, investors should closely monitor how the price reacts to the 14.21 resistance. A bullish breakout with a daily candle could offer a long opportunity, targeting the 20.00 level.

On the other hand, the buying possibility is valid as long as the price trades above the cloud support. A bearish daily candle below the 9.52 level could be a short-term bearish opportunity, targeting the 4.00 area.

ICP/USD Price Action Analysis

ICP/USD Price Action Analysis

In Internet Computer price prediction, the H4 chart shows how bears are stronger than bulls in the intraday price. From the visible range, the highest trading volume is available at the 12.75 level, which is closer to the current price. The latest high volume level is also supportive for bears as multiple bearish candles are visible.

This technical analysis shows how the dynamic 20 EMA remains below the price to provide minor support. In addition, the weekly VWAP is also in line with the 20 EMA, pushing downside pressure by working as a resistance level. 

In that case, the primary aim of this pair is to test the near-term support of the 10.00 level, after having an H4 close below the 11.77 line. 

On the other hand, a strong bullish recovery above the 13.67 level is needed to consider it a trend change. In that case, the price may extend the bullish momentum towards the 20.00 psychological resistance level soon. 

Is Internet Computer (ICP) A Buy?

According to Graph (ICP) Price Prediction, the ICPUSD price is more likely to extend the current bullish momentum. In this context, a valid recovery above the 16.67 level could extend the momentum above the 20.00 or 3000 psychological levels.


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