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ICP Price Drops 10% As DFINITY Foundation Unveils Updated Internet Computer Roadmap

The DEFINITY Foundation, the company behind developing the Internet Computer protocol, has recently unveiled an updated roadmap to facilitate increased artificial intelligence (AI) blockchain adoption. 

As the native token of the network, ICP continues to lead among AI tokens and holds the 22nd position in the top 100 cryptocurrencies. However, recent price drops have prompted the Foundation to focus on key areas of development to revitalize the token’s price action and further advance the protocol’s capabilities.

Internet Computer Roadmap

The highlighted aspects of the roadmap outline two critical steps called “milestones” in the Internet Compute platform domain: Tokamak and Stellarator. Tokamak focuses on reducing latency by maximizing the block rate of each subnet and introducing a new synchronous ingress submission endpoint. 

Stellarator, on the other hand, will reportedly increase the storage layer, enabling subnet blockchains to host over 1TB of canister smart contract storage while improving the efficiency of the consensus layer.

The DEFINITY Foundation aims to integrate AI capabilities as smart contracts on the Internet Computer protocol to address the resource-intensive nature of AI training and inference. 

The Cyclotron milestone outlined in the roadmap will increase on-chain inference for larger AI models through performance improvements in the WebAssembly runtime and inference engine. The Gyrotron milestone, on the other hand, explores the integration of AI-specialized subnets with GPU support, enabling compute—and memory-intensive computations on-chain.

ICP’s Interoperability With Bitcoin, Ethereum, And Solana

ICP’s Chain Fusion technology will allow direct interoperability with major blockchains, including Bitcoin, Ethereum, and other Ethereum Virtual Machines (EVMs). Nonetheless, the roadmap introduces several milestones to expand interoperability. 

Tritium milestone enables ICP to interact with Ethereum and EVM smart contracts, facilitating cross-chain communication. Deuterium milestone extends Chain Fusion support to emerging Bitcoin protocols. 

Interestingly, the Helium milestone aims to increase Chain Fusion for the Solana network, enabling decentralized applications (dApps) leveraging the capabilities of both networks.

Next, the Solenoid milestone decentralizes the operation of the ICP boundary nodes, “empowering” the network’s participants. The Levitron milestone provides visibility into the Internet Computer’s edge infrastructure, allowing developers to gain insights into dApp usage patterns and generate user statistics.

Lastly, ICP will incorporate two governance systems: the NNS (Internet Computer’s DAO) and the SNS framework governing individual dApps. Tokenomics incentivizes voting participation and aligns DAO decisions with long-term interests. These governance mechanisms will allegedly ensure decentralized decision-making and community involvement.

Internet Computer

As of the current press time, the price of ICP has experienced a significant increase of 120% year-to-date. However, it is currently trading at $12.05, 98% lower than its previous all-time high (ATH) of $700 achieved in September 2023. 

Once implemented, the impact of the roadmap on the cryptocurrency’s price and its potential to regain bullish momentum and drive adoption for various use cases remain to be seen.

Featured image from Shutterstock, chart from TradingView.com

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Internet Computer (ICP) Dips, Will Bearish Momentum Persist?

The price of Internet Computer (ICP) experienced a downward movement dropping by 41.98% to a low of $5.05 on April 26, 2023. This was after a significant surge from April 10 to April 19, when it started the downtrend. 

This price decline affected the market sentiment of Investors and traders. Since the beginning of this month, ICP has exhibited range-bound behavior. ICP price has fluctuated between $6 – $5, resulting in a sideway price movement.

The question is whether the bearish momentum will continue or if there’s a chance for a reversal soon.

Bears To Hold Current Trend, Or Will The Bulls Rebuild Momentum?

According to data, ICP experienced a slight price increase, reaching $5.34, representing a 2.7% increase within the last 24-hour trading period. This increase suggests that demand has surpassed supply in the market. This might attract more buyers and also increase the overall market confidence.

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The total market cap of ICP is also up today by 2.58%, representing a value of over $2 million. The growth in market cap was potentially driven by an increase in demand or positive market sentiment. The 24-hour trading volume surged by 21.81% overnight, rising to about $19 million.

The Internet Computer Fear & Greed Index is 50 based on investor sentiment and market psychology. A value of 50 suggests that neither fear nor greed is dominant among traders and investors.

Based on the recent increase in the overall ICP’s price movement, the bulls are gradually taking control of the market. If this momentum persists, ICP might rise significantly in the next few weeks.

ICP Technical Outlook Using Indicators

The asset is trading above its 200-Day Simple Moving Average (SMA). This indicates a long-term bullish trend and presents a potential buy opportunity for traders and investors.

While ICP’s long-term prospects are bullish, there may be potential short-term uncertainties that need to be considered by traders.

For instance, the Relative Strength Index is showing 47.46. This shows that there’s market indecision between buyers and sellers. Also, the pressure currently in the market is neutral. Also, the Moving Average Convergence/Divergence (MACD) indicates a potential bearish trend as the MACD is trading below its signal line.

Moreover, ICP is below its 50-Day Simple Moving Average (SMA), a bearish indication based on the short-term price movement. The current price trend, as indicated by the ICP chart, suggests a possibility of further decline in the short term.

Internet Computer (ICP) Dips, Will Bearish Momentum Persist?

But it remains uncertain if this trend will continue or if the bulls will regain dominance as more developments on the network could spike adoption and usage. Internet Computer now trades between its direct support and resistance levels of $4.923 and $6.860.

The next significant support level is $3.302, while the resistance level is $8.251. If the bulls maintain this growing momentum, ICP might break the primary resistance level of $6.860 before heading toward the next resistance level.

Featured image from Pixabay and chart from Tradingview

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Internet Computer (ICP) Bleeds, What Are The Chances For Reversal?

Internet Computer (ICP) is trading red, hovering around the $5.6 price mark today, May 2, 2023. According to its daily chart, the bearish trend began two days ago, following three-day bullish moves.

The turn in the market sentiment has resulted in the recent plunge in ICP price. Aside from this, the world’s largest cryptocurrency, Bitcoin, is also down by 1.89% over the past 24 hours.

This could also be a factor affecting ICP’s price at the moment. While a reversal is not certain, some technical indicators can show whether or not the chances are high.

Internet Computer (ICP) Price Outlook

Judging from the ICP price of $3.9309 at the start of 2023, the token has made more bullish moves than bearish ones. ICP currently trades at $5.719, showing a 24-hour price decline of 5.99%.

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The token’s market cap has dropped by 6.50% in the last 24 hours to around $2.46 billion. The trading volume within the same period has also declined by 20.69%, hovering around $60,208,714.

The plummeting value of the trading volume indicates more selling pressure among investors and traders. If this trend continues, ICP may likely see its price fall to the $5 price level before the end of the day.

Moreover, data suggests that the general price prediction sentiment of the Internet Computer token is bearish. Based on its findings, 17 indicators signal a bearish trend, while 11 technical indicators display bullish signals. But let’s consider some major indicators from the daily chart to confirm its potential move further.

ICP Technical Analysis

The price of the Internet Computer token is currently above the 50-day and 200-day Simple Moving Averages. While that is supposed to indicate a buy tendency, the Relative Strength Index (RSI) negates it, as it stands at 50.42. This figure suggests a neutral state in the ICP market but with higher odds of selling pressure.

Internet Computer (ICP) Bleeds Previous Gains, What Are The Chances For Reversal?

The token made a Death Cross several days back which lead to a significant drop in its price. The market may create a Golden Cross later on, but this might come after a major decline in its price, considering the interpretation of the technical indicators.

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The chart also shows that ICP’s price fell from a resistance level of $6.339. Crypto traders and investors can expect its price to fall further to hit the closest support level of $4.996. Other resistance and support levels are $7.449 and $4.525, respectively.

Note that even while the technical indicators can be a helpful tool for analysis, investment decisions shouldn’t be made solely based on them. Traders should also consider various factors and risk management strategies.

Featured image from Pixabay and chart from Tradingview

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Internet Computer (ICP) Drops From Nowhere To Storm The Top Ten

Internet Computer (ICP) enters the top ten on CoinMarketCap following its exchange debut. ICP was sitting as high as the fourth spot, but following heavy sell pressure, it’s since dropped to the seventh position, just ahead of XRP, at writing.

The CoinMarketCap rankings have seen a flurry of changes during this bull run. But it’s not often that a relatively unknown token enters the top ten. This has many wondering if ICP is a legit project.

What Is Internet Computer (ICP)?

Internet Computer launched simultaneously on several big exchanges yesterday, including Binance, Coinbase Pro, Huobi, and OKEx.

The sudden appearance of ICP in the top ten has caused a stir in that ICP has achieved a lot in a relatively short time. For example, ICP is already listed on Coinbase Pro, whereas ADA, which has been around since late 2017, only achieved this in March this year.

In reality, ICP is part of a project that has been five years in the making. Developed by Swiss-based Dfinity, the project has several prominent backers, including Silicon Valley venture capitalists Andreessen-Horowitz, and Polychain Capital.

Since 2016, Dfinity has been developing a decentralized blockchain network to expand the internet’s functionality. Research specialists Messari said Dfinity’s obscure and technically complex goals make it a highly misunderstood project.

But, as developments pick up the pace, they see more and more people becoming familiar with what the project is about.

“Dfinity is one of the most tenured and well-funded smart contract platforms in crypto. Yet it is also one of the least understood. Most of Dfinity’s obscurity is due to its technical complexity and abstract vision. The launch of their token and finally open sourcing their code will create more interest and understanding in the project.”

What’s The Use Case?

With Internet Computer, Dfinity is looking to build a decentralized, scalable cloud solution to store data, perform computational tasks, and enable community governance.

It hopes to address concerns associated with the internet in its current guise, namely the poor security and dominance of big tech oligopolies. Therefore, Dfinity is not so much focused on delivering blockchain technology. Instead, the primary goal is to build a free and open internet controlled by users.

With its network of independent data centers, apps will be able to run on the network itself. This is in contrast to the current internet, where apps run on servers, the lion’s share of which is controlled by the likes of Google, Amazon, and Facebook.

Dfinity engineering manager Stanley Jones said, instead of apps running on a dedicated Google cloud server, with Internet Computer, the software has no fixed physical address as it moves between servers run by the independent data centers. This means apps can exist that nobody owns or controls.

The ICP token comes into play as developers pay data centers for running their code. But the data is not accessible, making advertising tracking across this network hard to do.

Internet Computer hourly chart

Source: ICPUSD on TradingView.com