Internet Computer Seeks Support at Important Price Level
The price of the Internet Computer token is trading at 50% of its September highs and is testing the support around $40. Without bullish activity here then the coin is at risk of testing the August lows.
Recently, the Dfinity Foundation, which is a Zurich-based not-for-profit organization developing the coin, sought to clear up rumours that are impacting the price. After five years in the development stage, the project finally launched its governance token for public trading in May 2021.
ICP briefly traded in the crypto top ten, but then lost over 80% of its value in the following month.
“There’s a tidal wave level of misinformation out there, which reflects how big an impact the Internet Computer is making on the blockchain industry,” said Dominic Williams, Founder of the DFINITY Foundation and Internet Computer.
Trades are unhappy that the price of the token dropped dramatically from $450 on opening day, but Williams said there was no “rug pull” by the foundation.
“Certainly, some shadowy players will have then made fortunes shorting ICP, which upsets me greatly,” he said, adding that neither the DFINITY Foundation nor he performed a rug pull.
Internet Computer Price Analysis
The price of ICP has faded from highs in September around the $85 level and now trades at a 50% discount to those prices. The coin is at an important support level here and if it fails to find support then a move towards the $25 lows of August is a possibility. The resistance levels ahead are at $60 and $84 for ICP.