Internet Computer (ICP) continues to attract attention from investors, showing resilience as it gains ground even while the market is down a few percent today. Per the latest market statistics, the token has risen 16% since the previous week, affirming the belief among some that ICP is poised for further upward movement in the near future.
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In spite of the market’s clear bullish trend, a reversal could be on the horizon in the coming days, which could endanger this month’s profits. Nonetheless, with investors expecting a favorable ‘Uptober’, there may still be opportunities for profit as the month draws to a close.
Rejection At $9.90 Could Push Investors Below $9.23
At the time of writing, ICP’s upward momentum is at risk due to resistance at the $9.90 level, which could pull the token significantly below $9.23 if negative sentiment continues to build. Given that the $9.23 support level is rather fragile, this bearish outlook weighs heavily on investor portfolios.
The current upward momentum of ICP began at the start of August and has continued to develop throughout the month. Although it seems likely that this trend will persist with only minor fluctuations, the present resistance combined with today’s market dip could result in losses for the token in the upcoming days.
Additionally, the relative strength index (RSI) is indicating that the bulls for ICP might hit their threshold soon, which may lead to a pullback for the token.
Should the token fail to stabilize at its present price, ICP bears may gain the upper hand, breaking through the $9.23 support with a target of $8.09. On the other hand, if the token manages to stabilize, it could successfully break the $9.64 resistance with a target of $11.41.
Internet Computer: Network Activity Surges Amid Rising Fees
Token Terminal, a crypto market data aggregator, recently reported that the network activity on Internet Computer has escalated this month, resulting in increased fees. This improvement has allowed the platform to outperform other Layer 1s, achieving over a 5,000% rise in the last 30 days.
BREAKING: Internet Computer has generated more fees than @Optimism, @arbitrum, @avax, and @0xPolygon in the past 30 days. pic.twitter.com/lqaUoA5cc9
— Token Terminal (@tokenterminal) September 24, 2024
According to the platform, the increase in activity is attributed to bob.fun, a blockchain application built on ICP that establishes a secure record book while leveraging the underlying platform for security purposes.
During a recent talk at the Token2049 conference in Singapore, Dominic Williams, the Founder and Chief Scientist of the DFINITY Foundation, emphasized the critical role of Compute in the foundation of modern civilization.
“When you’re operating software or a system on the ICP network, it is designed to run continuously without crashes or interruptions,” stated Williams.
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With ICP serving as a pivotal security and computation layer, network activity on the platform is likely to maintain its upward trend in the forthcoming months.
Featured image from Pexels, chart from TradingView
