Internet Computer has been one of the worst-hit coins in the cryptocurrency market because of volatility this year. However, unlike most cryptocurrencies that crashed because of a pullback from the entire market, ICP’s crash was different because it was attributed to insider trading. Dfinity, the company behind this coin, is also facing a lawsuit on this. Nevertheless, ICP has recovered and is currently on a significant uptrend.
ICP is trading at $66.37at the time of writing after a 17.4% gain in 24 hours.
Internet Computer Price Analysis
ICP’s price action since July has been significant, as the coin was able to recover from a massive selloff in late July that saw prices dip to around $27. On a monthly scale, ICP has gained by over 60%, which has seen it create new monthly highs.
There is optimism that ICP’s current price action will continue. If bulls persist, ICP will break past the next resistance level of $72. This level was tested in past weeks, and the coin managed to climb to $76. However, this level was rejected due to a lack of strong market and buying support. With the resumption of these two crucial factors, ICP could break past these levels and create new highs.
On the other hand, this month has been marked with high volatility where coins have gained and lost. ICP is not immune to this volatility; hence we could see the price reduce again and go to the lower support level of $64. If market support weakens, ICP would also retest $58.
Despite the turmoil experienced by Internet Computer in May, users are still streaming in to leverage the potential of its blockchain. Dfinity recently announced through a tweet that new projects had joined the network. These projects include EarthWallet, a DeFi open-source wallet and Nuance, a web 3.0 blogging platform. If these projects attract more users to the network, ICP’s value could increase in the coming months.
Where to Buy ICP
If you want to buy ICP, you can create a cryptocurrency exchange account on the following platforms:
eToro is a reliable cryptocurrency exchange where you can buy ICP tokens. eToro offers a social copy trading feature that allows a new trader to copy the trading strategies of expert traders. eToro also supports a wide range of cryptocurrencies and trading pairs.
You can also buy ICP from Huobi Global. This is one of the largest crypto exchange platforms. Huobi supports a wide range of cryptocurrencies and trading pairs. It also charges competitive trading fees and commissions.
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