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Here’s why Internet Computer’s ICP price has regained momentum

By:
on Apr 29, 2023
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  • Internet Computer’s ICP was one of the top-performing coins on Saturday.
  • The developers recently unveiled the next cluster of its grantee dApps.
  • There is also enthusiasm about its ckBTC product.

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Internet Computer (ICP) price has emerged as one of the best-performing cryptocurrencies during the weekend. The coin jumped to a high of $6.80, the highest point since April 19th. It has soared by more than 30% from the lowest point this week.

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Why is ICP soaring?

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Internet Computer is one of the most advanced blockchain platforms in the world. It is a platform that seeks to disrupt popular platforms such as Amazon AWS and Microsoft Azure by making it possible for people to build scalable solutions using blockchain. It also has smart contracts. 

The Internet Computer ecosystem is growing as it includes dAppps in all industries like social media, finance, and non-fungible tokens (NFT) among others. Its website is also built using the platform.

It is unclear why the ICP price has soared in the past few days. A likely reason is that the developers announced the next projects in its grantee program. They are all in different fields, showing that the diversity of the network. 

Decent Land is a social and infrastructure platform that provides cross-chain infrastructure for identity and token-holding attestations between chains. Kismi App, on the other hand, combines social media, gaming, and competition while SafeNote promotes decentralization in the note-taking industry. 

EA Kazi is a platform that is using the blockchain technology to connect people with work. It is disrupting the industry currently dominated by the likes of Upwork and Fiverr. Finally, OutRank NFT enhances company value with analytics and education. Other recipients of the grants program were Open Internet and ARTH.

The other major development in Internet Computer is that its recently launched ckBTC product is gaining traction. ckBTC is a financial derivative that introduces Bitcoin into its ecosystem. Unlike the main Bitcoin, this derivative is faster and less expensive. As we wrote here, the network added smart contracts to Bitcoin in December.

ICP price prediction

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The 4H chart shows that Internet Computer price has been in a strong bullish trend in the past few days. It has jumped from a low of $5.06 on Thursday to almost $7. Along the way, it has jumped above the 50% Fibonacci Retracement level. 

It has also jumped above the 25-period and 50-period exponential moving averages while the Relative Strength Index (RSI) has drifted higher. Therefore, there is a likelihood that the ICP price will keep rising as buyers target the key resistance at $7.31, the highest point on April 19.

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