How Did The Market Crash Impact Its New Darling, ICP (Internet Computer Protocol)?
Internet Computer Protocol is the newest star in the cryptocurrency market. The asset was in the limelight on Monday after Dfinity Foundation, its creator, declared to launch Network Nervous System (NNS). This new feature provides a platform that allows the development of DApps and DeFi on the Internet Computer Protocol network. Also, the NNS feature will facilitate the creation of highly scalable systems and open internet service.
How will NNS benefit ICP token holders? Well, as an ICP user, the feature will allow you to lock your assets in Neurons. That will give your digital objects voting power when proposing the addition of new features on the platform. Also, you will earn rewards as you participate in propelling the platform towards growth.
Keep in mind that Internet Computer Protocol attempted to tackle internet monopolization by ‘Big Tech’ companies. The platform received support and backers in Beacon Fund, Andreessen Horowitz, Scalar Capital, and Polychain Capital. After all, what could have propelled ICP to achieve the top ten spot in crypto coins by market cap on CoinMarketCap? Indeed, institutional acceptance contributed to the crypto market boom this year. Keep in mind that the cryptocurrency kept its position regardless of the turmoil in the entire crypto space.
When publishing this content, ICP/USD value at about $139, after rising to a high of more than $163 when Dfinity announced the NNS feature. Although you cannot compare ICP price with the likes of ATH with $737, the crypto has regained about 50% in value since the May 19, 2021 market crash. Keep in mind that most cryptocurrencies are staging recoveries after the crypto mayhem.
Levels to Watch for Now
The 4hour chart price action indicates mixed trading. The MACD and technical indicators show a bullish attitude. For now, the ICP network has a high selling pressure exerted by moving averages.
ICP price sits below the $152 pivot point. Buyers will have to step up to drive the prices past the mark to ensure a bullish momentum. The market will be safe with a $200 resistance level at the moment.
Also, increased sellers can drive ICP prices to a support level of around $100. Any break below that will increase bearish moves driving its value down to about $68.
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