Internet Computer (ICP) price sits at a key level: is it a buy in July?

July 03, 2023 08:16 PM AEST | By Invezz

Internet Computer (ICP) price sits at a key level: is it a buy in July? — Image source: Invezz

Why did Internet Computer rise?

Internet Computer is one of the most powerful players in the blockchain industry. It is a comprehensive platform that makes it possible for developers to build fully decentralized applications (dApps). Indeed, its website has been built using the technology.

Internet Computer is more comprehensive than other leading blockchains like Ethereum and Solana. For one, it has a full stack of solutions, including smart contracts that make it possible for people to build solutions in all industries.

The network has already been used to build hundreds of dApps across multiple sectors. For example, DSVRA is a decentralized Web3 social media platform. Other platforms in the ecosystem are Distrikt, Juno, Kinic, and OpenChat, among others.

ICP price has done well for several reasons. First, the ecosystem continued growing in June. The most recent Internet Computer news was that Sodexo BRS, a French multinational company, selected the network for its NFT platform. The developers also launched Motoko Dev Server, which will helps developers build and launch dApps quickly.

Most importantly, Internet Computer price rallied because of the broad crypto rally. This rally happened as more large companies embraced TradFi. TradFi is at the intersection of traditional finance and crypto.

Blackrock filed for the Ishares Bitcoin Trust, a spot BTC ETF. Other companies like Invesco, Fidelity, and Ark Investments decided to file for their ETFs. At the same time, EDX Markets, a crypto exchange backed by Citadel, Schwab, and Fidelity, was launched, as I wrote here. These events pushed Bitcoin and other cryptocurrency prices higher.

Watch here: https://www.youtube.com/embed/ngUo2-UDfQg?feature=oembed

ICP price prediction

The 4H chart shows that the Internet Computer price has a close resemblance to Bitcoin, which I wrote about in this article. It is sitting at $4.460, the highest point on June 25th. It has formed what looks like a double-top pattern whose neckline was at $3.81.

ICP price has moved above the 50-period and 25-period moving averages. It has also moved above the middle line of the Andrews pitchfork tool. Therefore, more gains will only be confirmed if the coin moves above the important resistance point at $4.55.

Such a move will invalidate the double-top pattern. It will open the possibility of a price moving to the next psychological level at $5.

The post Internet Computer (ICP) price sits at a key level: is it a buy in July? appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.