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Internet Computer (ICP): Analysis of Steady Growth

Published

4 weeks ago

June 7, 2024

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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.

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%.

ICP Internet Identities. Source: Internet Computer

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.

ICP Power Consumption. Source: Internet Computer

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).

Canisters Count. Source: Internet Computer

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.

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Related Topics:Analysis Computer Growth ICP Internet Steady

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FET Bearish Descent Targets Key $0.966 Level, More Dips Ahead?

Published

8 hours ago

July 3, 2024

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Artificial Superintelligence Alliance (FET) is experiencing a prolonged bearish trend, pushing its price closer to the critical $0.966 support level. This sustained downward pressure has raised concerns among investors, as the cryptocurrency continues to extend its bearish momentum.

The $0.966 resistance mark now serves as a significant point of interest, determining whether FET can reverse its current trajectory or continue its descent. Market participants are closely monitoring these developments, analyzing technical indicators and market sentiment to gauge the potential for a rebound or further decline.

This article aims to analyze the extended bearish trend affecting the digital asset and its impact on the cryptocurrency’s price as it approaches the $0.966 resistance level.

FET’s price was trading at around $1.30 and was down by 3.10% with a market capitalization of over $3 billion and a trading volume of over $99 million as of the time of writing. There has been a 24-hour decrease of 3.28% and 29.79% in FET’s market capitalization and trading volume respectively.

FET Price Under Bearish Pressure

Currently, FET on the 4-hour chart is actively bearish trading below the 100-day Simple Moving Average (SMA) and the bearish trend line, dropping toward the crucial $0.966 resistance mark.

The 4-hour Composite Trend Oscillator also confirms more bearishness for FET as both the signal line and the SMA of the indicator continue to trend inside the oversold zone.

On the 1-day chart, it can be observed that FET is very bearish trading below the 100-day SMA and the trend line. Following a rejection at $1.862, the price of FET has been on an extended bearish move heading toward the $0.966 support level.

Lastly, the 1-day composite trend oscillator signals that FET may extend its bearish trend toward the $0.966 support level as the signal line and the SMA are still trending in the oversold zone.

Will FET’s Price Breakthrough Or Face A Rejection

Conclusively, it can be noted that as the price of FET continues to move toward the $0.966 resistance mark, it may break through its bearishness or face rejection and begin to rise.

Therefore, exploring the possible outcomes of the coin, it was discovered that if FET’s price reaches the $0.966 support level and breaks below, it may continue to decline to test the $0.459 level and potentially move on to challenge other lower levels if it breaches the $0.459 level.

However, if the crypto asset faces rejection at the $0.966 support level, it will begin to ascend toward the $1.862 resistance level. When this level is breached, it may continue to climb to test the $2.564 resistance level and may move on to test other higher levels if it breaches the $2.564 level.

FET

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Market

Bitcoin Price Takes a Step Back: Analyzing The Recent Correction

Published

15 hours ago

July 3, 2024

admin

Bitcoin price failed to continue higher above the $63,650 resistance zone. BTC is now correcting gains and might revisit the $60,850 support.

Bitcoin started a downside correction from the $63,650 resistance zone.
The price is trading below $62,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might struggle to start a fresh increase above the $62,250 resistance zone.

Bitcoin Price Dips Again

Bitcoin price struggled to extend gains above the $63,650 and $63,800 resistance levels. A high was formed at $63,798 and the price started a downside correction.

The price declined below the $63,000 level. The bears were able to push it below the $62,500 level and the 100 hourly Simple moving average. There was also a move below the 50% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high.

Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.

The bulls are now trying to protect the $61,400 zone and the 61.8% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. If there is another increase, the price could face resistance near the $61,850 level and the trend line.

The first key resistance is near the $62,250 level. The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher.

Bitcoin Price — Source: BTCUSD on TradingView.com

In the stated case, the price could rise and test the $63,250 resistance. Any more gains might send BTC toward the $63,650 resistance in the near term.

More Losses In BTC?

If Bitcoin fails to climb above the $62,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,400 level.

The first major support is $60,850. The next support is now forming near $60,500. Any more losses might send the price toward the $60,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $61,400, followed by $60,850.

Major Resistance Levels – $62,250, and $62,500.

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Market

Exploring Upward Momentum and Bullish Prospects

Published

16 hours ago

July 3, 2024

admin

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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