The Internet Computer price has held steady on Thursday as investors watched the ecosystem growth. ICP is trading at $47, where it has been in the past few days. Its market capitalization is at $8.3 billion making it the 26th biggest cryptocurrency in the world.
What is Internet Computer?
Internet Computer is a blockchain project that was launched in May this year. Its launch coincided with the first cryptocurrencies boom of the year. As a result, the price of ICP, its native token, soared to more than $600. Since then, it has declined sharply to about $47.
Internet Computer is a platform that enables developers to build applications without going through the popular platforms like Google and Microsoft. Today, the ecosystem has grown widely and the number of transactions has been rising.
For example, data by its explorer shows that there have been more than 298 million blocks while the number of smart contracts has been rising. Similarly, the number of internet identity anchors created has been on a strong bullish trend. ICP can also be staked, where users can gain more than 18% returns.
ICP price prediction
The four-hour chart shows that the ICP price has been in a relatively narrow range in the past few days. The price is currently between the key support and resistance levels at $40 and $57. While it has jumped by about 27% from its lowest level in October, other coins like Polkadot and Ethereum have jumped by much more.
The Internet Computer price is slightly above the 25-day and 50-day moving averages. It has also formed a narrow ascending channel that is shown in black. However, this channel resembles a rising wedge pattern.
Therefore, there is a likelihood that the price will break out lower in the near term. If this happens, the next key level to watch will be the support at $40, which is about 15% below the current level.