Internet Computer Price prediction 2021 – Will ICP Hit $60 in 2021?

This Internet Computer Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our ICP price analysis and prediction.

The main aim of the Internet Computer is to enlarge the public internet, so it can be the world’s computer firm. Moreover, the scientific breakthrough behind this platform is Chain Key technology, which encompasses dozens of advanced technologies that include novel Consensus, Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (NNS), Internet Identity, and many more. 

Notably, the project was founded in October 2016 by Dominic Williams. However,  it attracted notable interest from the crypto environment. More so, the DFINITY raised a total of $121 million from contributors like Andreessen Horowitz, Aspect Ventures, Electric Capital, ZeroEx, Scalar Capital, Polychain Capital, SV Angel, and Multicoin Capital, and several notable early Ethereum investors. In 2018, more than 50,000 registerter participants got ICP utility tokens in an airdrop.

Even more, on December 18, 2020, DFINITY started the alpha mainnet of the Internet Computer. In addition, in a final step towards decentralization, on May 10, 2021, DFINITY released the Internet Computer into the public domain. However, this major milestone indicates that the internet currently functions as a decentralized global computer as mentioned by the release of all of the Internet Computer’s source code into the public domain, also ICP utility token allowing tens of thousands of community members to govern the ICP network.

Would these events be good enough to make Internet Computers a good investment? Should we invest before the year ends or by 2021? Let us find out in this CoinQuora Internet Computer (ICP) market analysis and price prediction 2021 article.

What is an Internet Computer (ICP)?

The Internet Computer is the globe’s first blockchain that functions at web speed with boundless capacity. Moreover, it represents the third biggest blockchain innovation, alongwith Bitcoin and Ethereum. Moreover, the Internet Computer allows the complete reimagination of software offering a revolutionary new path to develop tokenized internet service, decentralized financial systems, and also traditional enterprise systems and websites.

Even more, at Genesis on May 10, 2021, the ICP is supported by 48 independent data centers. However, it is located across North America, Europe, and Asia which runs 1,300 nodes. Moreover, the network will continue to grow exponentially to support the next generation of mega dapps, with 123 data centers running 4,300 nodes arranged by the end of the year, and however thousands of data centers running millions of nodes to support the decade-long building out of the Open Internet.

Now that we have an idea about ICP, do you think ICP will be profitable crypto in 2021? Join me and let us see the charts in this ICP price analysis and ICP price prediction.

ICP Current Market Status

As of the time of writing this Internet Computer (ICP) price analysis, ICP trades at $38.79 with a 24-hour trading volume of $194,025,736. The price of ICP has decreased by 13.62% in the last 24 hours.

Furthermore, ICP has a current circulating supply of 128,985,797.81 ICP. Currently, the top cryptocurrency exchanges for ICP are Binance, Huobi Global, OKEx, Coinbase Exchange, and Gate.io.

Now, let’s proceed to the next part of this ICP technical analysis for 2021.

Internet Computer Price Analysis

Currently, Internet Computer (ICP) holds 21st place on CoinGecko. But will the latest upgrades, development, and changes in the Internet Computer blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this ICP price prediction article.

In the daily frame chart shown above, we can see the Falling Wedge Pattern. Moreover, this could immediately follow a price breakout. Moreover, the falling wedges slopes down and contains a bullish bias.

More so, this bullish bias cannot be analysed till a resistance breakout occurs. As a continuation pattern, the falling wedge will slope down further, however the slope would stay against the predominant upward signal. As a reversal pattern, the falling wedge slopes down and with the predominant trend.

As shown above, at the beginning of this month, ICP turned from its bear to bull trend. This is the result of the high trade volume that takes place during that time.

The Relative Strength Index (RSI) is above 19.8, which means that ICP is in an oversold state. Hence, this may proceed to a price reversal at any given time. 

Therefore, traders must be careful while trading and must not be affected by the market hype. With all this in mind, traders can be cautious and shift away from unexpected losses due to the cryptocurrency market’s wild swings.

Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of ICP.

Since the start of 2021, ICP’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, ICP has a competitive market this 2021.

Internet Computer Price Prediction 2021

The chart below shows that Internet Computer (ICP) have shown a bearish trend in the past few days. Moreover, the ICP price has dropped 45% in the last 7 days. If this trend continues, ICP might plummet to $37 support level and drop even lower to $7.87.

Conversely, if the investors turn towards crypto, the bulls might take over and dethrone ICP from its downtrend position. In simpler terms, the price of ICP might increase to almost $60, a bullish signal.

Meanwhile, our long-term ICP price prediction 2021 is bearish. It has a less possibility of surpassing its current all-time-high (ATH) at about $737 this year. However, that will only happen if it breaks many previous psychological resistances.

Conclusion

Internet Computer (ICP) have a bright future ahead of them in 2021. With the ongoing developments happening within the ICP ecosystem, as well as in the overall crypto market, we may see ICP reach new heights. Bullish ICP price prediction 2021 is $60. As said above, it may even reach $200 if investors have decided that ICP is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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Source: https://coinquora.com/internet-computer-icp-price-prediction-2021/