Why did Internet Computer(ICP) Price Rise Above $0.3 today?

Key Takeaways:

• Internet computer prices marked a massive upswing in the past few days by surging more than 50% jump
• The bears are trying to dominate the rally but the bulls could withstand the pressure and keep up the upswing in the coming days
• The top addresses or whales have been accumulating which may impact the price as FOMO could play out soon

Internet Computer (ICP) have registered massive gains in the past few days and soared heavily by more than 65% to accomplish parabolic recovery. Presently, the price is consolidating just below the gain levels above $7 which appears to be another accumulation phase that may kick off the next bullish wave very soon. The bullish market sentiments sparked the rally but the key upgrades and announcements that followed fueled the rally toward new highs. 

The ICP price began the 2023 trade on a bullish note. Besides, a couple of major deployments and rapid expansions attracted major centralized exchanges like Binance. The price kick-started the rally following the announcement of a collaboration with Enso Finance, a DeFi project. The team also has been actively expanding and developing the project’s capabilities. 

The metrics for the Internet Computer have gone parabolic. Although the total network transactions have slightly dropped, the value of ICP rose by more than 100% while market capitalization surged over 33%. Moreover, the canisters who help to build out the network have raised firmly along with the number of users.

Additional Read: Top DeFi Projects & Tokens In 2023

Internet Computer Token Technical Overview

Source: Tradingview

• The ICP price displayed a magnificent upswing in the past few days that raised the price levels beyond $8
• However, the recent price plunged lowered the price which also caused the Bollinger bands to get compressed
• The price is trading along the lower support of the bands and a rebound from lower bands could uplift the price to the upper resistance of the bands
• The RSI is dropping from the average levels that may be extended close to 20 levels. Alongside, the MACD is also on the verge of undergoing a bullish crossover that may induce a significant bullish momentum very soon.

Internet Computer Token On-Chain Analysis

Internet Computer Development Activity

Source: Santiment

The future of the project is gauged by its development activity. These metrics consider the events recorded on the GitHub repository by the developers, like pushing commits, raising a query, etc. A rise in development activity indicates that the developers are quite serious about the platform’s business proposition and are tirelessly working on new upgrades and features. 

The development activity is on the rise and hence it indicates the team is working to strengthen the platform and may deliver new features over time. This may also induce significant bullish momentum over the asset in the long run as the market participants become confidant of the tokens future. 

Internet Computer Supply on Top 1% Address

Source: Coinmetrics

The supply in the top 1% addresses could refer to a whale accumulation which is a major factor to determine the next impending trend. The whales accumulate when the price is around the bottom and display a tendency to rise finely in the coming days. Meanwhile, a rise or drop in the accumulation may also impact the sentiments of the market participants who may fall prey to either FOMO or FUD

Presently, these addresses are accumulating heavily regardless of the 2021 bull run or the 2022 bear market. This indicates that these addresses are quite confident of the rally in the longer run. Moreover, the constant accumulation may even flip the market sentiments which are still hazy despite the recent price jump from the bottom.

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Internet Computer Active Address Count

Source: Coinmetrics

The demand for the token can be determined by how active the platform is. This may be gauged by the number of addresses actively interacting with the platform intending to perform a trade. All the addresses regardless of whether it is a buy address or a selling address or a swap address counted but only once per day. 

The active address count has been raising very frequently, marking highs beyond 13,000 in the recent past. The growing address count indicates the increased interest of the market participants that may intensify the volatility of the token in the coming days. Therefore, it may further impact the price positively as the buying pressure is mounting notably.

Concluding Thought!

Collectively, Internet Computer price has been gaining huge user attention and adoption in recent times. The swelling active address count and the rising supply on the top 1% of addresses substantiate the claim of the platform becoming more popular every new day. Therefore, the market participants continue to remain bullish on ICP price as the development activity is also on the rise.