2022 has started on a strong note for Internet Computer (ICP). While sentiment across the broader crypto market remains sluggish, ICP has been moving upward. The token has outperformed all other crypto assets over the past seven days, gaining nearly 50% in value. Where this uptrend leads next remains to be seen — analysis follows below, but first, some highlights:
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The seven-day rally has pushed Internet Computer (ICP) about 70% above its December 2021 low.
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At the time of writing, the token traded at $36.12, up roughly 5% intraday, with a market capitalization of around $6.7 billion.
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Internet Computer (ICP) is a relatively new blockchain project that launched in May 2021.
Data source: Tradingview.com
Internet Computer (ICP) – Price action and analysis
The past seven days have been decisively bullish for ICP. Most technical indicators are currently signaling strength. To start, the token is trading well above its 25- and 50-day moving averages, which suggests short- and medium-term momentum is firmly positive.
ICP also cleared resistance near $30, and the current momentum could carry it above $40 in the coming days if buying pressure continues.
The Relative Strength Index (RSI) displays a strong reading as well, indicating limited immediate downside pressure. As sentiment across the broader market improves, ICP is likely to capture further gains.
Why consider buying Internet Computer (ICP)
Since its May 2021 launch, Internet Computer (ICP) has grown into one of the more valuable crypto projects. The blockchain has been actively building its ecosystem, attracting several notable decentralized applications.
For long-term investors seeking alternatives to more established blockchains, ICP has been a compelling proposition. The recent 50% seven-day surge is a clear sign that the project may be positioned for strong returns in 2022 and beyond, assuming continued development and favorable market conditions.