The Internet Computer price is on track for another weekly drop as demand for the coin continues waning. ICP is trading at $39.30, which is 93% below its all-time high. That brings its total market capitalization to more than $5.4 billion making it the 22nd biggest coin in the world.
What is Internet Computer? Internet Computer is a blockchain project developed by DFINITY, a European technology company backed by leading venture capital companies. The company has more than 200 employees, including computer scientists and cryptographers.
Internet Computer is a platform that allows users to build applications, websites and other web platforms. It describes itself as the most forward-looking methodology of building applications in the most decentralized way. ICP is the native token used in the ecosystem.
The Internet Computer price skyrocketed two months ago when it was launched. This trend was mostly because of its immense potential and the fact that it was backed by big names like Andreessen Horowitz. However, since then, the ICP price has dropped in eight of the nine weeks it has been around as its demand waned. So, what next for ICP?
Internet Computer price analysis
The four-hour chart shows that the ICP price made a brief recovery in the final week of June. At the time, the coin rose by more than 100% to $59.55. Since then, the price has dropped by more than 30% and is trading at the current $39.30. The coin has moved slightly below the 50-day moving average and is below the descending trendline while the Relative Strength Index (RSI) has moved below the oversold level.
It has also formed a falling wedge pattern. Therefore, the coin will likely resume the upward trend in the near term. If this happens, the next key level to watch will be the resistance at $60. On the flip side, a drop below $30 will invalidate the bullish view.