The Internet Computer Faces 1 Key Obstacle

The Internet Computer Faces 1 Key Obstacle

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ICP price has seen a slow recovery over the past few days as cryptocurrencies recover. Internet Computer topped $5.6, about 22% above this year’s low. It has a total market cap of over $1.5 billion, making it one of the biggest players in the blockchain industry.

Is Internet Computer a good buy?

Internet Computer is a blockchain project that was launched in 2021 during the spectacular cryptocurrency rally. On its first day of trading, the coin surged and became one of the top ten cryptocurrencies with a valuation of over $10 billion.

Internet Computer is mainly supervised by Dfinity Foundation, an organization based in Switzerland. The goal of the project is to change the smart contract industry. It does this by unleashing the full potential of smart contracts by increasing their speeds, reducing their storage costs and improving their computing capacity.

Internet Computer is composed of a set of cryptographic protocols that connect independently operated nodes in a collection of blockchains. These blockchains then host and run canisters, IC’s smart contracts.

Therefore, Internet Computer aims to unify most of the processes that other blockchains operate separately. For example, with its canisters, developers can build applications without using oracle networks like Chainlink and band protocol. Canisters can store data, perform general calculations on that data, and then provide a full technology stack to manage it.

Internet Computer has several important features. For example, it is an eco-friendly web service platform that has unlimited scaling, reverse gas scaling, and bitcoin liquidity features.

More than a year after its launch, Internet Computer has struggled to find its footing in the blockchain industry. While the number of transactions has increased, the number of projects in its ecosystem has been somewhat limited. Instead, developers and users have opted for more traditional projects like Ethereum, Solana, and Avalanche.

ICP Price Prediction

The four-hour chart shows that the price of Internet computers has seen a steady recovery over the past few days. As it moved higher, the coin managed to break above the important resistance level at $5.47, which was the low point on September 18th.

The ICP price jumped above the 50-day exponential moving average (EMA) while the relative strength index (RSI) edged closer to the overbought level. Therefore, Internet Computer is likely to continue higher as bulls target the next key resistance at $6.5. For that to happen, ICP will need to break above $5.7, where it has formed a double top pattern.

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