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Internet Computer (ICP) continues to delight investors as it captures gains despite the market dropping a few percent today. According to the the latest market data, the token is up 16% since last week, a confirmation for some that ICP will continue to trend upwards in the coming days.
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Despite the undeniable strength of the market, reversals may occur in the coming days, threatening this month’s gains. However, as investors await ‘Uptober’, there may be room for investors to squeeze in some gains as the month ends.
Rejection at $9.90 May Force Investors Below $9.23
As of writing, the ICP upside is threatened with rejection by the resistance level of $9.90 which could force the token below $9.23 if the sentiment reversal continues to strengthen. Considering that the $9.23 support level is quite weak, the bearish thesis has a lot of weight on investors’ portfolios.
The current ICP trend started in early August and continued to mature and develop during the month. Although it seems that this drive will continue, encountering a few dips here and there, the current rejection coupled with the dip of the market today, the token may be on the way to losses in the coming days.
The relative strength index (RSI) also shows that the ICP bulls will hit their limit in the coming days, which will lead to the suffering of the token.
If the token does not stabilize at its current price level, ICP bears will have the momentum to break the $9.23 support level with $8.09 as the target. However, if the token stabilizes it has the potential to gain success at the resistance of $9.64 with the target set at $11.41.
Internet Computing: Networking is Increasingly Expensive
Token Terminal, a crypto market data collection, recently shared that the activity of the Internet Computer network during the month has increased, which leads to an increase in payments. This resulted in the platform beating other L1s in the category as it achieved an increase of over 5,000% in the last 30 days.
BREAKING: Internet Computer has made more payments than @Optimism, @arbitrum, @avaxagain @0xPolygon in the last 30 days. pic.twitter.com/lqaUoA5cc9
– Token Terminal (@tokenterminal) September 24, 2024
According to the stage, the jump in work is due bob. it’s nicea blockchain built on top of ICP that creates a secure ledger while using a basic security platform.
In a the latter In an interview at Token2049 in Singapore, Dominic Williams, Founder and Chief Scientist of the DFINITY foundation, mentioned that Compute is the cornerstone of today’s society.
“When you run a software or system on the ICP network, it never crashes or stops working,” Williams said.
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With the use of ICP as a security and computing layer, network activity on the platform could continue to trend upwards in the coming months.
Featured image from Pexels, chart from TradingView