More On: ICP
The bullish and bearish possibilities will be considered in this article while attempting to make an ICP price prediction.
At the time of writing, ICP currency is selling at $16.57, a loss of over 97% from its all-time high of $700. There has been a steady decline in ICP since its debut. Highest price ever was $700 on May 10th, however it was short-lived joy.
What is the (ICP) Internet Computer's purpose?
Internet Computer is an open-source, decentralized network that seeks to eventually replace the global internet. Internet Computer, unlike most crypto projects, aims to be the internet's whole application layer. In the Internet Computers decentralized network, ICP crypto is the primary asset. There are numerous data centers all over the world that make up this network. Prior to discussing our ICP price forecast, let's have a look at its structure.
There are nodes and nodes from other data centers joined together to form subnets in each data center. As a result, these subnets can be used as blockchains in their own right. For the first time, Internet computer adds canisters into its smart contract platform. These canisters, according to the group, are even more effective than smart contracts in a variety of novel uses. There are currently 417 active Node machines and 38,536 canisters, according to the most recent ICP news.
Prediction of ICP's Price
Since September 2021, internet Computer crypto has been trading in a collapsing wedge on the ICP chart. As of right now, the ICP coin price has been bouncing off the trendline four times it has touched the bottom of the wedge. There was an all-out slaughter of cryptocurrencies on the news of military action in Europe. The price of ICP even fell below its January 22 low of $18 as a result of this. On February 24, 2022, it rose to $14.68. After briefly escaping the collapsing wedge, the ICP token price recovered and closed within the wedge.
The bulls may be exhaling a sigh of relief as a result of this bounce. The price would have entered new bearish territory if it had closed each day outside the wedge. In spite of this, a falling wedge is a bullish formation. All that is required for our ICP price prediction to come true is for ICP's falling wedge to break out. After retaking the $38 area, the price could rise to $60 in the short term. This area is also the 0.618 Fib level that connects the recent lows of $14.86 to the September highs of $87. $87 may potentially be a viable aim if the wider tone in the crypto markets is positive by then.
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