The ICP (Internet Computer Protocol) token has been making waves in the crypto market with its recent price action. The ICP token, a native token of the Internet Computer, which is a decentralized network that enables developers to build and deploy applications without the requirement for centralized infrastructure. The Currency Analytics,a news platform made a tweet citing the reasons behind the bullish trend in the token.
The token, which is developed by the DFINITY Foundation, has been gaining momentum since its launch in May 2021.One of the reasons for the bullish trend of the ICP token is the highly trained and experienced team members. Dominic Williams, who led the DFINITY Foundation is a seasoned computer scientist. Notably, the advisory board was composed of recognized industry figures, like Ethereum co-founder Joe Lubin and former Google Cloud executive Tim Mowrer.
Another factor that has contributed to the bullish trend of the ICP token is its listing on major exchanges like Binance, Coinbase, and Huobi, which reflects the project’s commitment to transparency, security, and regulatory compliance.
Technically speaking, the ICP token is riding higher with strong bullish momentum for the past few sessions. As of press time, the ICP token is exchanging hands at $6.9082, up 10.38% for the day. The levels were last seen in February. According to Coinmarketcap, the 24-hour trading volume of the token surged more than 32% to $104,880,309.
After reaching the high of $8.20000 on February 19, the ICP token’s price corrected sharply, and tested the horizontal support zone around $6.23716. The selling became intense once the price breaks below the 21-day Exponential Moving Average (EMA), the downside momentum was capped at $4.54870 making it an interim support area.
The price consolidated in a short-term range of $4.62811 and $6.23716, before piercing the upride barricade on Tuesday. The MACD oscillator still holds above the central line with strong buying momentum. Additional buying participation could project the price to the mentioned high of $8.200000.
