The Internet Computer price popped on Thursday after it struggled in the past few days. The ICP coin jumped to $65, which was about 22% above the lowest level this week. It has a total market value of more than $8.6 billion, making it the 17th biggest coin in the world.
What happened: The Internet Computer price has staged a strong recovery in the past few weeks. Its price has managed to move from its lowest level on record to more than $65. This trend has happened mostly because of three reasons.
First, there was a general feeling among investors that ICP was extremely oversold and cheap as it crashed to its all-time low. In most cases, investors tend to buy assets they feel have become significantly cheap.
Second, the Internet Computer price rally coincided with the overall recovery of the cryptocurrencies rally. In the past few weeks, most cryptocurrency prices have bounced back by more than 50%. As such, cryptocurrency tends to have a close correlation.
Finally, the ICP price has rallied because some investors see a promise about its ecosystem. In the past few weeks, hundreds of developers have started building projects using its technology. It has als attracted almost 250,000 users. Indeed, the developers recently awarded the first developer grants worth more than $1 million to about 60 developers who are working in the platform. The grants ranged from $5,000 to $100,000.
Most of the developers received $25,000 from DFINITY. Some of them are Aedile, who are developing their project management dapp and Bunchd, an NFT platform. Others include Civol, Canlista, and Exponent.
Internet Computer price prediction
A quick look at the four-hour chart shows that the ICP price has formed several bullish patterns. The most visible one is the bullish flag pattern that is shown in blue. In price action analysis, this is usually a bullish signal. At the same time, the coin has moved above the 25-day and 50-day MAs, signalling that there are more bulls in the ecosystem.
Therefore, the Internet Computer price may soon pop. If this happens, the first key reference level to watch will be this month’s high at $76.73. A move above that resistance will see the coin maintain its bullish rally as bulls target the key level at $100. On the flip side, a drop below $54 will invalidate the bullish view.