Why Can the ICP Crypto Skyrocket from Its Current Trading Levels?

• The ICP crypto price is down by 98% from its all-time high.
• The DFINITY Foundation has unveiled an updated Internet Computer Protocol roadmap.

The DFINITY Foundation, creators of the Internet Computer Protocol, has released a new roadmap to boost AI on the blockchain. 

The roadmap introduces milestones like Tokamak and Stellarator to enhance network performance and storage. Tokamak aims to reduce latency, while Stellarator plans to expand storage for smart contracts over 1TB.

Further, the roadmap details the Cyclotron and Gyrotron milestones, focusing on on-chain AI inference and GPU support for AI-specialized subnets. This will facilitate AI training and inference directly on the blockchain.

The maximum supply of Internet computer crypto is infinite, followed by a circulating supply of 464.055M ICP. Also, the total supply of the crypto is 518.826M ICP, and the fully diluted market cap of the crypto is $6.626B.

The trading volume of the crypto has declined by 5.9% over the last 24 hours from press time, showing no significant activity in the crypto. Despite this, the market cap of crypto has advanced by 3.7%.

The Internet Computer has a huge market presence in the crypto market, followed by a market cap dominance of 0.25%. It also is the 20th largest cryptocurrency in the global crypto market. 

Despite its huge market presence, the liquidity of Internet Computer crypto seems low as its volume/market cap ratio is 1.68%. The sentiment of the crypto is also neutral, as per CoinCodex.

ICP Crypto Derivatives Struggle for a Clear Trend

The open interest of crypto has been trading flat over the last few weeks, witnessing no significant change. It shows that there has been no noticeable action in the derivatives of crypto.

The derivatives trading volume of Internet Computer crypto has declined by 27% in the last 24 hours from press time. This further results in a traded value of $96.69M.

Despite the decline in volume, the open interest has witnessed a slight advance of 3.6%. Also, the long/short ratio of the crypto is 0.9677, which shows higher long liquidation.

The recorded long liquidation of the Internet Computer is $60.52K, while the short liquidation for the crypto is just $37.85K.

Candlesticks Show Buyers are in Power in the ICP Crypto

The price of the ICP crypto is trading inside an expanding wedge pattern and has been sustaining inside the same for a very long time.

The most recent price action of ICP crypto shows that the price of the ICP crypto is taking support at the lower band of the pattern. Moreover, an inside candle is formed on the daily chart, which has been taken out by the most recently formed bullish candlestick.

ICP/USD Chart by TradingView

The 50-day and the 200-day EMAs are trading in a golden cross on the daily chart of the ICP crypto. After taking support at the 200-day EMA, the price has bounced back and is continuing to advance to higher levels.

The MACD is neutral on the daily chart of the crypto, as the metrics of the indicator are trading in a bullish crossover in negative territory.

The RSI is advancing to higher levels but has been unable to break above the 50 level. Despite this, it has advanced above the 14-day SMA.

Summary

ICP could see significant gains from the DFINITY Foundation’s updated roadmap, enhancing AI capabilities and network performance. 

Key milestones like Tokamak and Stellarator aim to improve latency and storage, while Cyclotron and Gyrotron focus on AI training on the blockchain. Positive technical indicators support a bullish outlook.

If the price of the ICP crypto continues to rise, it might face resistance at the level of $15.6 and $19.30. Also, on the lower side, support levels for the crypto are $8.5 and $10.50.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.