Major cryptocurrency Internet Computer (ICP-USD) is prepped for another leg higher. It began heading higher in September 2023, leading the altcoin market before the rest of the crypto market turned bullish. Its performance has been excellent, shrugging off short sellers and profit takers after reaching price levels not seen since March 2022.
Testing Near-Term Resistance for a Breakout
The technical analysis on ICP shows a slow and persistent walk higher in a very controlled upward channel. Bulls have broken out above that channel three out of the last four days, and today’s bulls have so far kept ICP’s price action close to the upper boundary of that channel. If bulls can establish a daily close at or above $15.58, a substantial spike higher is very likely.
Internet Computer Protocol: Improving the Internet
The Internet Computer Protocol (ICP) represents an initiative within the blockchain ecosystem designed to enhance the Internet by integrating smart contracts and decentralized applications (dApps) directly at web speed – almost like a new ‘layer’ on the Internet, similar to how layer-2s operate on layer-1s.
ICP’s focus is to disrupt the current internet infrastructure by eliminating the reliance on centralized cloud services and promoting a more open and decentralized web environment. They’ll no doubt face some big roadblocks from established, centralized players and regulators.
ICP’s unique feature is that it enables developers to create and share content and applications freely without the constraints imposed by centralized platforms.