Market
Internet Computer (ICP): Analysis of Steady Growth
Amid the evolving landscape of blockchain technology, Internet Computer (ICP) stands out as a formidable player, showcasing remarkable growth in user adoption and impressive strides in energy efficiency.
As market dynamics shift, ICP’s potential for significant gains becomes evident.
Internet Computer (ICP) Technical Outlook
Analyzing the daily price action of ICP reveals that the price is still consolidating within a visible range.
ICP continues to trade between the 200-day EMA as support and the 100-day EMA as resistance. Within this range, the price also interacts with the red baseline of the Ichimoku Cloud, which serves as mid-term resistance.
Should the price break above this baseline, it could potentially reach the 100-day EMA as its next target. A breakout above the 100-day EMA would likely propel the price into the Ichimoku Cloud. A critical technical structure frequently used by algorithmic traders to position their trades.
Read More: Internet Computer (ICP) Coin Explainer for Beginners
Entering the cloud could signal the end of the descending triangle pattern. With the possibility of a bull run occurring as the price exits the Ichimoku Cloud.
ICP’s Public Blockchain and Increasing User Adoption
ICP creates a public blockchain network where anyone can deploy software and store data, eliminating the need to rely on specific companies like Google or Amazon for these services.
Programs called smart contracts run on the ICP network, automating tasks and agreements similarly to other blockchains. Many investors are appealing to the idea of a decentralized internet controlled by users, and ICP could potentially revolutionize how we use the internet.
Internet identities in the Internet Computer (ICP) are not traditional addresses but cryptographic identities used for authentication and authorization. These identities enable users to interact with applications on the Internet Computer network securely.
The graph below shows a steady upward trend in the number of Internet Identities, indicating increasing adoption of the Internet Computer platform. More users are creating identities, likely indicating that more people are using services and applications on ICP.
The number of internet identities has steadily increased over the observed period. The average daily growth rate is approximately 2,500 identities per day, and the overall percentage growth over the 6-day period is around 0.60%.
Stable and Efficient: Analyzing ICP’s Power Consumption Trends
The power consumption graph of the Internet Computer network shows power usage measured in kilowatts (kW), with current consumption at 381.409 kW. The graph reveals fluctuations in power usage, with values ranging approximately between 376 kW and 388 kW.
The overall power consumption remains fairly steady with minor fluctuations, indicating a relatively stable operational demand.
A noticeable gradual decline in power consumption towards the end of the observed period suggests either a reduction in network activity or an improvement in energy efficiency.
These stable and gradually declining power consumption trends present attractive features for investors focused on Environmental, Social, and Governance (ESG) criteria and sustainable investing.
Canisters Analysis: Advanced Smart Contracts
Canisters are a fundamental component of the Internet Computer (ICP) ecosystem. They are the equivalent of smart contracts on other blockchain platforms but are more advanced in their capabilities.
A canister can store data, process transactions, and execute code, acting as autonomous software units encapsulating both state (data) and behavior (functions).
Read More: Internet Computer (ICP) Price Prediction 2023/2025/2030
The chart indicates a consistent rise in the number of canisters, increasing from 507,000 in late May to nearly 510,000 at present. This growth reflects the expanding adoption and deployment of dApps and smart contracts on the ICP network.
Strategic Recommendations
Increasing number of Internet Identities suggests growing adoption and usage of ICP’s services and applications.
Stable and gradually declining power consumption trends are favorable for ESG-focused investors.
Monitor the price action closely. Consider a bullish stance if ICP breaks above the 100-day EMA and enters the Ichimoku Cloud. Until then, remain neutral as the price remains within a consolidated range.
The price could turn bearish if it successfully breaks below the 200-day EMA.
In the event of a sustained crypto bull market led by Bitcoin reaching a cycle high of $100,000 to $150,000 or higher, ICP is likely to experience significant upward momentum, potentially reaching the $50 – $60 range.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Dogecoin is consolidating gains above the $0.380 resistance against the US Dollar. DOGE is holding gains and eyeing more upsides above $0.400.
- DOGE price started a fresh increase above the $0.3750 resistance level.
- The price is trading above the $0.3800 level and the 100-hourly simple moving average.
- There was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rally if it clears the $0.400 and $0.4080 resistance levels.
Dogecoin Price Eyes More Upsides
Dogecoin price remained supported above the $0.350 level and recently started a fresh increase like Bitcoin and Ethereum. DOGE was able to clear the $0.3650 and $0.3750 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low. Besides, there was a break above a short-term contracting triangle with resistance at $0.390 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading above the $0.3750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3950 level or the 61.8% Fib retracement level of the downward move from the $0.4208 swing high to the $0.3652 low.
The first major resistance for the bulls could be near the $0.400 level. The next major resistance is near the $0.4080 level. A close above the $0.4080 resistance might send the price toward the $0.4200 resistance. Any more gains might send the price toward the $0.4500 level. The next major stop for the bulls might be $0.500.
Are Dips Supported In DOGE?
If DOGE’s price fails to climb above the $0.400 level, it could start a downside correction. Initial support on the downside is near the $0.3850 level. The next major support is near the $0.3750 level.
The main support sits at $0.3550. If there is a downside break below the $0.3550 support, the price could decline further. In the stated case, the price might decline toward the $0.3200 level or even $0.300 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.3850 and $0.3750.
Major Resistance Levels – $0.4000 and $0.4200.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
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