Internet Computer (ICP), the native token of the Internet Computer blockchain, has seen a significant price surge over the past month. The token has rallied 15% in just the last 24 hours, bringing its gains to 148% over the past 4 weeks. The current price stands at $11.14.
What is Behind the ICP Price Surge?
To understand the recent bullish momentum behind ICP, it helps to first understand what the Internet Computer blockchain aims to achieve. The Internet Computer blockchain revolutionizes blockchain design with cryptographic innovations. It acts as a ‘World Computer’ that can build diverse online systems, including web social media, without relying on traditional IT like cloud computing. This enables complete decentralization.”
Essentially, Internet Computer wants to revolutionize the internet and computing by creating a scalable, decentralized environment for software and applications to run without centralized servers and cloud infrastructure. This aligns with the larger web3 and decentralization trends that have gathered steam over the past couple years.
ICP’s Recent Technical Breakout
From a technical analysis perspective, Crypto analyst ZAYK Charts points out a bullish pennant pattern that appears to be breaking out across the 4-hour timeframe for ICP. As the analyst tweets:
“$ICP (Update) Bullish Pennant Breaking out in 4H Timeframe Expecting 20-30% Bullish Wave#ICP#ICPUSDT#Crypto”
This bullish pennant breakout provides the technical backing and upside price target for why ICP has rallied over the past month. With the breakout in play, ZAYK Charts anticipates another 20-30% price increase even from the current $11 level.
Continued Decentralization Tailwinds
Beyond the technical breakout, the overarching decentralization and web3 trends remain strong tailwinds for projects like Internet Computer over the long run. As large technology companies like Microsoft and others continue pushing decentralized and blockchain-based initiatives, investors and developers are taking notice of platforms like ICP that want to revolutionize online computing in a decentralized environment.
With the technical breakout underway and long-term tailwinds still blowing, Internet Computer appears poised to see further meaningful price appreciation according to analysts like ZAYK Charts. The next few weeks and months will ultimately determine whether ICP can capitalize on its bullish technical patterns and drive increased decentralized application development and adoption. But for now, crypto analysts seem optimistic on the token’s outlook.
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