The Internet Computer price has rebounded sharply in the past few weeks. The coin’s price has jumped from an all-time low of $28.56 to the current level of $61.05. This 115% increase makes it one of the best performing coin in the market. Its market capitalization has jumped to more than $8.4 billion, making it the 16th largest coin in the world.
What happened: Internet Computer is one of the fastest-growing blockchain projects in the world. The project was developed by DFINITY, a Swiss-based tech project that aims to decentralize the computing industry. It is backed by some popular venture capital firms like Andreessen Horowitz and Scalar Capital.
The total market capitalization of the company was valued at more than 15 billion pounds. The project has been used to build several projects like Fleek, DSCVR, Distrikt, Origyn, and OpenChat. Recent data shows that the number of block counts has jumped to more than 129.6 million while the block per second has improved to 20.3.
Still, there are key concerns about whether more developers will shift to the ecosystem. Furthermore, projects like Ethereum and Polkadot have achieved significant user adoption in the past few years. For example, the total value locked (TVL) of all DeFi projects developed in Ethereum has jumped to almost $80 billion. So, what next for the ICP price?
Internet Computer price prediction
The four-hour chart shows that the Internet Computer price has been in a strong bullish trend in the past few weeks. The chart also shows that the coin has jumped above the key resistance at $60. The coin has moved above the 25-day and 50-day moving averages. It has also formed what looks like a cup and handle pattern.
Therefore, there is a possibility that the coin will keep rising as bulls target the next key resistance at $80, which is about 30% above the current level. On the flip side, a move below the key support at $50 will invalidate this view.