Dfinity’s Internet Computer token has emerged as a top performer this week. The ICP price jumped to a high of $37.35, which is about 70% above the lowest level in December last year. As a result, its total market capitalization has jumped to more than $6.59 billion, making it the 31st biggest cryptocurrency in the world.
Internet Computer is a venture-backed blockchain platform that was launched in May 2021. The Swiss-based project is backed by leading venture capital firms like a16z and Polychain Capital. Its goal is to be a smart contract platform that enables developers to build all types of applications.
Today, there are several apps built using the network, although user adoption has been relatively weak. Some of the biggest Internet Computer projects are Fleek, Distrikt, and Origyn.
The ICP price has jumped sharply recently as investors cheer the recent announcement of a bridge that will connect Internet Computer and Ethereum. This bridge will enable apps built on Ethereum and Internet Computer to communicate with each other.
Internet Computer price prediction
The four-hour chart shows that the ICP price has been in a bullish trend in the past few weeks. It has managed to rise above the 38.2% Fibonacci retracement level. Also, it moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has continued to rise. It also moved above the key resistance level at $30, which was the highest level on December 27th.
Therefore, the Internet Computer price will likely keep rising as bulls target the key resistance at $40, which is along the 50% Fibonacci retracement level. A drop below the support at $30 will invalidate this view.