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Internet Computer (ICP) has been in a positive mood since January 23, 2024, rising from $9.52 to a high of $16.99.

The current price of ICP stands at $14.11, and despite the current correction, bulls continue to control the price movement.

ICP has been a volatile crypto asset over the past several months but it is important to say that the increase in trading volume suggests that there is a lot of interest in ICP. The bullish momentum in Bitcoin has also positively influenced the Internet Computer (ICP), however, investors should keep in mind that investing in ICP involves a significant degree of unpredictability and substantial risk.

So where is the price of Internet Computer (ICP) going next, and what can we expect from the rest of March 2024?

Today, Crypto Lists will discuss ICP price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

A decentralized alternative to centralized internet cloud providers

The Internet Computer (ICP) is a set of protocols that allow independent data centers around the world to band together and offer a decentralized alternative to the current centralized internet cloud providers. The Internet Computer (ICP) enables Web3 services to operate entirely on-chain, serving as the sole protocol for developers to construct and users to experience fully decentralized applications.

The Internet today is highly centralized and the basic idea of this project was to create a new kind of decentralized internet where independent data centers worldwide could collaborate to establish an alternative to cloud services provided by companies such as Amazon Web Services and Google Cloud, which currently dominate the internet infrastructure.

ICP developers say that this project has some major advantages over the centralized alternatives because it operates via open standards and avoids the conflicts of interest that can arise when a major cloud-computing provider hosts products that compete with its own services. Further, the Internet Computer seeks to provide a fundamental alternative, empowering developers to build, host, and deliver applications in a decentralized manner, facilitating the direct deployment of websites onto the public internet.

The ICP token serves various purposes: governance (allowing holders to vote on network decisions), rewarding participants for positive contributions, and covering transaction fees. One way people can think of ICP is as a way of transforming crypto into processing power — the network will determine a fee based on the amount of computing power required by a developer’s project. As long as the fee is paid, the website will operate on the public internet.

Rating: 9/10
Supply: 279,507,365
Release date: May 10, 2021

Description: Discover Internet Computer and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

Participating in the Internet Computer may require more robust hardware

Many crypto analysts say that the Internet Computer (ICP) is a project that has a bright future but participating in the Internet Computer may require more robust hardware than traditional blockchain projects. This could be a problem because it potentially threatens its ethos of decentralization by limiting the number of potential participants. So, if the hardware requirements are too large, only major players would have the capacity to establish data centers and engage in participation.

Because of all of this, investors should have to be careful in the case of this cryptocurrency and it is essential to exercise caution when navigating the highly volatile cryptocurrency market. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere. The highly volatile nature of the cryptocurrencies may scare investors to sell ICP if some negative news happens in the cryptocurrency market and because of this, investing in ICP involves a significant degree of unpredictability and substantial risk.

Technical analysis for ICP

ICP has advanced from $9.52 to $16.99 since January 23, 2024, and the current price stands at $14.12. Despite the current correction, bulls continue to control the price movement and as long the price of ICP is above the trendline which I drow on the chart below, this crypto remains in the BUY-ZONE.

Technical analysis for ICP

Important support & resistance levels for ICP

Important support & resistance levels for ICP

On this chart (the period from August 2023), I marked important support and resistance levels that can help traders understand where the price could move. According to technical analysis, bulls control the price movement of ICP for now, and if the price advances again above $16, the next target could be resistance that stands at $18. The important support level is $13, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $12. If the price drops below $12, which also represents strong support, the next target could be located around $10.

What speaks for the rise in the Internet Computer (ICP) price

Trading volume for ICP has increased over the last several weeks which suggests that there is a lot of interest in ICP at the moment. The important reason for ICP’s current price surge is that it has been following the growth of Bitcoin, just like the rest of the cryptocurrency market. For the bulls to remain the control of price movement, a move above $16 would be beneficial. Fundamentals of ICP are strongly tied to the overall cryptocurrency market (especially with Bitcoin), and if the price of Bitcoin jumps above the $70000 resistance again, we could see ICP at higher price levels.

What indicates the downfall of the Internet Computer (ICP)

The downfall of ICP can be influenced by a wide range of factors, including market sentiment, regulatory developments, technological advancements, macroeconomic trends, and more. ICP is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. The current support level for ICP stands at $13, and if the price falls below this level, the next target could be strong support at $12. The price of ICP is correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $65000 price level, that would probably have a negative influence on the price of ICP.

What do analysts and experts say?

ICP is showing a correlation with Bitcoin and with the rest of the cryptocurrency market and since January 23, this cryptocurrency has surged more than 40%. However, many crypto analysts agree that ICP is a highly risky investment, and its price can fluctuate dramatically over short periods, leading to substantial gains or losses for investors.

It’s essential to conduct thorough research, understand the risks, and only invest what you can afford to lose when considering investing in ICP. In the upcoming weeks, the price of ICP will continue to be notably impacted by the general situation in the cryptocurrency market, as well as concerns about a potential economic downturn, increasing global tensions, and the proactive monetary strategies of leading central banks.

Recession fears and monetary policy decisions from major central banks will continue to influence the cryptocurrency market and a recommendation is that investors should continue to take a defensive investment approach. Crypto analysts are concerned that should Bitcoin fall below $65,000, it could trigger a larger sell-off, potentially making it challenging for ICP to maintain its current price levels.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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