Category: ICP

Top 3 Coins to Watch Today: AUDIO, ICP, SAND – August 23 Trading Analysis

Post author By Malik Junaid
Post date August 23, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Audius (AUDIO)

Audius AUDIO is a decentralised music-sharing and streaming protocol that facilitates direct transactions between listeners and creators, giving everyone the freedom to distribute, monetise, and stream any audio content. Audius aims to align the interests of artists, fans and node operators through its platform powered by its native AUDIO token. Artists can upload music, stored and distributed by content and discovery nodes, that fans can listen to for free.

AUDIO Price Analysis

At the time of writing, AUDIO is ranked the 122^nd cryptocurrency globally and the current price is US$0.2989. Let’s take a look at the chart below for price analysis:

Source: TradingView

AUDIO has been consolidating between approximately $0.509 and $0.282 since early May 2022. The high end of this range, from $0.496 to $0.563, could provide significant resistance. A rally to this level would partially fill an area of inefficient trading on the monthly, weekly, and daily charts. It would also run bears’ stops above the summer’s consolidation.

The swing high near $0.440 could provide a closer resistance. If the price can reach this level, it will run bears’ stops above the recent sharp move downward. It’s also near the June monthly open.

The closest resistance may be an area between $0.352 and $0.377. This level shows buying before August 11’s run on bears’ stops, contains the 40 EMA, and has inefficient trading on the daily chart.

Currently, the price is testing possible support near $0.306. At this level, bulls rejected bears in mid-June near the bottom of inefficient trading on the monthly chart. The price has already swept some bulls’ stops as it creates relative equal lows.

These relative equal lows may suggest that this level will later break. Yet, in the short term, it could prompt a rally toward resistance.

If the price breaks down from its consolidation range, $0.215 may provide the next higher-timeframe support. Here, the weekly chart shows accumulation before early 2021’s rally.

A sustained downtrend could reach $0.077 or below, where the monthly chart shows inefficient trading. Higher-timeframe support below this level is unclear due to a lack of historical price action.

2. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation alongside Bitcoin and Ethereum. The Internet Computer scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, it enables the complete re-imagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 35^th cryptocurrency globally and the current price is US$6.22. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICP has consolidated since mid-May and is approaching the bottom of this range. An area near $5.95 could provide support. It’s below relative equal lows, offering bears an attractive target, and shows inefficient trading on the daily chart.

A run to this level may drop slightly lower, near $5.54, to touch the midpoint of accumulation on the weekly chart. No historical price action exists to suggest support below this area. The 50% extension on late July’s bullish impulse could hint at possible support and a bearish target near $4.25.

The closest resistance might exist between $7.17 and $7.60. This area shows inefficient trading on the daily chart above the midpoint of the recent drop. It also contains the 18 and 40 EMAs. If the price does break through this level, it could retest the August monthly open near $8.99. Bears rejected bulls here on all timeframes.

A more substantial rally may run bears’ stops above relative equal highs near $9.80. This potential move could reach into an area of inefficient trading on the monthly and weekly charts above, up to $11.28. Stronger resistance might begin near $10.24, where the daily chart showed brief distribution on May 10.

3. The Sandbox (SAND)

The Sandbox SAND is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs), the Sandbox creates a decentralised platform for a thriving gaming community. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.

SAND Price Analysis

At the time of writing, SAND is ranked the 38^th cryptocurrency globally and the current price is US$1.02. Let’s take a look at the chart below for price analysis:

Source: TradingView

SAND has also been consolidating since mid-May and is retesting its range lows. An area between $0.9798 and $0.8995 offers the highest odds of holding if bulls want to keep the price in its range. This area near the range’s lows is the upper half of accumulation on the weekly chart. It also ran stops under early May’s swing low.

If the downtrend resumes, the price may reach as low as $0.3827. This area shows inefficient trading formed on the weekly chart as July 2021’s rally kicked off. The price has not yet indicated that it will head for this level.

Inefficient trading near $1.2026 may provide the first resistance. This area contains the 18 and 40 EMAs and overlaps with old swing lows.

Bears rejected bulls in late July and early August near $1.3384. This area, just above the August monthly open, could provide resistance again.

An area of inefficient trading from $1.5373 to $1.6298 offers an attractive target to bulls and could provide significant resistance. Reaching this gap would allow bulls to run many bears’ stops above the summer’s range highs.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

ChainLink Crypto News ICP Market Analysis NEAR Protocol Trading

Top 3 Coins to Watch Today: NEAR, LINK, ICP – July 11 Trading Analysis

Post author By Malik Junaid
Post date July 11, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Near Protocol (NEAR)

NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.

NEAR Price Analysis

At the time of writing, NEAR is ranked the 25^th cryptocurrency globally and the current price is US$3.57. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q2, NEAR retraced 70% from its highs to support at the retracement of around $3.09.

The price shifted market structure to run to the consolidation lows near $3.40, just under the monthly open. A continued bearish trend in the market may create support just below, between $3.00 and $2.76.

On the other hand, if the current resistance breaks, the price may find resistance near $4.23 and $5.14, whereas mid-Q2 buyers might still be trapped in longs.

2. Chainlink (LINK)

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events, and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

LINK Price Analysis

At the time of writing, LINK is ranked the 23^rd cryptocurrency globally and the current price is US$6.20. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early Q2 trend retraced near $5.80 into the consolidation that began the impulse before bouncing to $8.92. This consolidation could provide support again, although bears would first have to push the price through possible support near $6.10.

The market’s structure may be shifting bearish, with $7.40 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $6.00 before finding support near $5.87.

However, the bullish higher-timeframe trend may prevail, with relatively equal highs near $7.27 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the Q1 wick near $9.18.

3. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum. The Internet Computer scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, it enables the complete re-imagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 34^th cryptocurrency globally and the current price is US$6.51. Let’s take a look at the chart below for price analysis:

Source: TradingView

ICP has dropped 53% from its most recent Q2 high as it continues its nine-month downtrend. The edge of the recent swing’s lower candle bodies could provide the closest support, near $5.12. This level overlaps with the 100% extension of June’s opening rally.

Currently, the price is testing possible resistance near $7.00. This level has confluence with the 9 EMA. It is unclear if it will hold as resistance, but it’s reasonable to anticipate a run above bears’ stops at $7.30.

If the price breaks through this resistance, it may find its next resistance near $7.69. This level is near the midpoint of May 12’s swing low and the midpoint of an inefficiently traded area on the weekly chart.

A rally this high may reach slightly higher, near $8.32. This area formed the base of the June opening rally, shows inefficient trading on the daily chart, and is at the low end of May’s accumulation range.

Below, there is no historical price action to suggest possible support. The next downside targets may be near $4.70 and $3.95. These approximate levels are near the 150% and 200% extensions of June’s opening rally.

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Crypto News ICP Market Analysis Shiba Inu Smooth Love Potion Trading

Top 3 Coins to Watch Today: SLP, SHIB, ICP – March 25 Trading Analysis

Post author By Malik Junaid
Post date March 25, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Smooth Love Potion (SLP)

Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.

SLP Price Analysis

At the time of writing, SLP is ranked the 370^th cryptocurrency globally and the current price is US$0.02127. Let’s take a look at the chart below for price analysis:

Source: TradingView

SLP‘s 120% rally during February ran into 48% retracement near $0.01715. Since then, the price has been consolidating in a 40% range between $0.02124 and $0.02562.

Just below the late-December low, $0.01724 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.01658 might cap a run on the lows near $0.01532 and $0.01475.

The higher-timeframe analysis points to the area near $0.02851 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03127 and $0.03460 may be the next targets.

2. Shiba Inu (SHIB)

Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained traction and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities including Elon Musk and Vitalik Buterin.

SHIB Price Analysis

At the time of writing, SHIB is ranked the 15^th cryptocurrency globally and the current price is US$0.00002474. Let’s take a look at the chart below for price analysis:

Source: TradingView

SHIB performed well during February, reaching over 60% from the first week of the month into the resistance near $0.00003542.

For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.00002342 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.00002129.

Bulls entering at these levels could set their first target near the previous resistance near $0.00002980. Beyond this level, probable targets include the new monthly highs near $0.00003324 and the resistance above near $0.00003652.

A break of this resistance later this month could continue to the new highs near $0.00003782 and $0.00003824.

3. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 35^th cryptocurrency globally and the current price is US$19.17. Let’s take a look at the chart below for price analysis:

Source: TradingView

During March, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.

The swing high near $25.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $29.35.

Even if the bearish trend continues, a stop run at the recent swing low near $17.00 into possible support beginning near $16.47 is reasonable. If the price reaches further down, the swing low and possible support near $15.97 might provide another downside target.

The area near $14.25 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $13.82 into possible support beginning around $13.00.

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ChainLink Crypto News dYdX ICP Market Analysis Trading

Top 3 Coins to Watch Today: LINK, DYDX, ICP – February 25 Trading Analysis

Post author By Malik Junaid
Post date February 25, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Chainlink (LINK)

The Chainlink Network LINK is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralised participation is guaranteed for all node operators and users looking to contribute to the network. Chainlink allows blockchains to securely interact with external data feeds, events and payment methods, providing the critical off-chain information needed by complex smart contracts to become the dominant form of digital agreement.

LINK Price Analysis

At the time of writing, LINK is ranked the 24^th cryptocurrency globally and the current price is US$12.50. Let’s take a look at the chart below for price analysis:

Source: TradingView

LINK‘s early January spike retraced near $12.46 into the consolidation that began the impulse before bouncing to $14.30.

This consolidation could provide support again, although bears would first have to push the price through possible support near $12.00. The market’s structure may be shifting bearish, with $13.52 likely to provide some resistance if this is the case. A sustained bearish move could reach the swing low near $11.63 before finding support near $10.71.

However, the bullish higher-timeframe trend might prevail, with relatively equal highs near $16.78 potentially giving an attractive target to lure the price over the monthly open. If so, the price could reach for the midpoint of the December wick near $20.58.

2. Dydx (DYDX)

DYDX is a governance token that allows the dYdX community to truly govern the dYdX Layer 2 Protocol. By enabling shared control of the protocol, DYDX allows traders, liquidity providers and partners of dYdX to work collectively towards an enhanced protocol. DYDX enables a robust ecosystem around governance, rewards and staking, each designed to drive future growth and decentralisation of dYdX, resulting in a better experience for users.

DYDX Price Analysis

At the time of writing, DYDX is ranked the 140^th cryptocurrency globally and the current price is US$4.83. Let’s take a look at the chart below for price analysis:

Source: TradingView

DYDX consolidates between $4.60 and $5.90 with the bulk of the volume concentrated in the lower half of the range. The price does not indicate a clear longer-term direction yet as stop orders build on both sides of the range.

Range traders will likely take profits or sell near $5.32. A stop run and swift rejection above $5.74 could provide a more favourable risk-to-reward entry for bears. An old 4h gap around $6.35 might cap this stop run.

Bulls will likely accumulate more long positions on a run below the relatively equal lows near $4.70. Little exists below the current range to identify precise support levels. However, the area between $4.58 and $4.50 could also give support during a deeper stop run.

If the price does break out decisively to the upside, the swing high at $6.15 provides a reasonable target. The highs and daily resistance levels between $6.47 and $6.80 may provide a second target.

3. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 36^th cryptocurrency globally and the current price is US$15.64. Let’s take a look at the chart below for price analysis:

Source: TradingView

During January, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.

The swing high near $26.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $31.35.

Even if the bearish trend continues, a stop run at the recent swing low near $15.00 into possible support beginning near $14.67 is reasonable. If the price reaches further down, the swing low and possible support near $13.97 might provide another downside target.

The area near $13.25 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $12.80 into possible support beginning around $12.00.

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Crypto News ICP Market Analysis Trading

Top 3 Coins to Watch Today: ICP, LINA, ONE – January 13 Trading Analysis

Post author By Malik Junaid
Post date January 13, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 29^th cryptocurrency globally and the current price is US$34.98. Let’s take a look at the chart below for price analysis:

Source: TradingView

During Q4 2021, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.

The swing high near $46.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $58.35.

Even if the bearish trend continues, a stop run at the recent swing low near $32.30 into possible support beginning near $30.87 is reasonable. If the price reaches further down, the swing low and possible support near $29.27 might provide another downside target.

The area near $27.85 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $25.18 into possible support beginning around $24.73.

2. Linear (LINA)

Linear LINA is a decentralised delta-one asset protocol capable of instantly creating synthetic assets with unlimited liquidity. The project opens traditional assets like commodities, forex, market indices, and other thematic sectors to cryptocurrency users by supporting the creation of “Liquids”, Linear’s synthetic asset tokens. LINA is an ERC-20 token built on the Ethereum network whose main purpose is as collateral for Liquids (using Buildr), and for community governance of the protocol.

LINA Price Analysis

At the time of writing, LINA is ranked the 400^th cryptocurrency globally and the current price is US$0.03626. Let’s take a look at the chart below for price analysis:

Source: TradingView

During December, LINA retraced almost 38%, breaking key swing lows early to mid-month. This could provide a solid support for swing traders.

The swing high near $0.04936 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $0.05857.

Even if the bearish trend continues, a stop run at the recent swing low near $0.03312 into possible support beginning near $0.03145 is reasonable. If the price reaches further down, the swing low and possible support near $0.03010 might provide another downside target.

3. Harmony (ONE)

Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.

ONE Price Analysis

At the time of writing, ONE is ranked the 44^th cryptocurrency globally and the current price is US$0.3259. Let’s take a look at the chart below for price analysis:

Source: TradingView

ONE‘s rally in mid-December stretched over 105% as the price explored new monthly highs.

Resistance has formed near $0.3415 and $0.3195. With an uncertain market and traders potentially selling, these areas could continue to provide resistance and perhaps prompt a steeper move downward.

The recent highs, overlapping with the last major leg’s 61.8% and 78.6% retracements from $0.2867 to $0.2620, could mark an area of support. Inside this zone, $0.2580 to $0.2416 could provide a more sensitive reaction.

A more extended downtrend might reach possible support between $0.2289 and $0.2134, near the origin of the last significant bullish move.

On the other hand, if altcoins resume their bullish trends, the 25% extension near $0.3920 could be the next area of significant profit-taking by bulls.

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Crypto News Ethereum Classic ICP Market Analysis Trading

Top 3 Coins To Watch Today: ETC, MATIC, ICP – October 14 Trading Analysis

Post author By Malik Junaid
Post date October 14, 2021

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Ethereum Classic (ETC)

Ethereum Classic ETC is a hard fork of Ethereum that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralised applications (DApps). Its native token is ETC. Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmaps diverging further and further from each other with time. Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.

ETC Price Analysis

At the time of writing, ETC is ranked the 29^th cryptocurrency globally and the current price is A$70.88. Let’s take a look at the chart below for price analysis:

Source: TradingView

During August, ETC broke several swing highs that could be the signal for a new bullish trend.

Last week’s break of the most recent swing low could suggest some downside in the short term. It formed probable resistance near A$78.46 and may target the swing low and possible support near A$68.22.

The swing low and possible support near A$66.82 could be the second bearish target if the move down continues. The relatively equal lows near A$65.30 and possible support underneath near A$63.54 could provide more substantial support.

The last swing high near A$80.44 gives a near-term target if bullish continuation continues. However, resistance beginning around A$82.69 could cap this move. A break of this resistance might continue to probable resistance near A$86.27 and reach above the cluster of relatively equal highs near A$92.15.

2. Polygon (MATIC)

Polygon MATIC is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications. The MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.

MATIC Price Analysis

At the time of writing, MATIC is ranked the 22^nd cryptocurrency globally and the current price is A$1.64. Let’s take a look at the chart below for price analysis:

Source: TradingView

August marked a turning point for MATIC, with the price rocketing up almost 85% from its lows to probable resistance beginning near A$2.35.

The price is currently struggling with the area between A$1.75 and A$1.41. This region could provide support after a close above – or resistance after a close below.

A retracement could reach into the daily gap and possible support around A$1.60. A more bearish shift in the marketplace will likely aim for the relatively equal lows near A$1.55, and the potential support just below that begins around A$1.49.

Continuation to the upside will likely target the monthly high near A$1.77. However, probable resistance beginning at A$1.84 and A$1.90 could cap or slow down this move.

3. Internet Computer (ICP)

The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.

ICP Price Analysis

At the time of writing, ICP is ranked the 27^th cryptocurrency globally and the current price is A$56.97. Let’s take a look at the chart below for price analysis:

Source: TradingView

In mid-August, ICP also turned the corner, breaking a key swing high in early September. This move could suggest a longer-term bullish trend.

The swing high near A$74.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near A$80.35.

Even if the bullish trend continues, a stop run at the recent swing low near A$54.30 into possible support beginning near A$50.87 is reasonable. If the price reaches further down, the swing low and possible support near A$48.27 might provide another downside target.

The area near A$46.75 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near A$42.18 into possible support beginning around A$40.73.

Where to Buy or Trade Altcoins?

Bitcoin Blockchain Crypto News ICP

ICP Token Soars 13% Amid News of Bitcoin Integration

Post author By Dale Warburton
Post date September 24, 2021

DFINITY Foundation, the not-for-profit organisation behind Internet Computer (ICP), has announced that it will leverage new cryptography techniques to integrate with the Bitcoin network, resulting in smart contracts that directly operate on bitcoin balances for the first time.

"Internet Computer smart contracts will gain access to Bitcoin liquidity, and Bitcoin will gain powerful new smart contract functionality, without the need for insecure and cumbersome trusted bridging services." @MarketWatch #InternetComputer https://t.co/GLgx5jdIS8
— DFINITY Foundation (@dfinity) September 21, 2021

What is ICP?

ICP is a blockchain-based open-source computing platform designed to address some of the major issues with today’s internet – weak system security, monopolisation of internet services, and misuse of personal user data.

Through a multi-layered proof-of-stake consensus mechanism, DFINITY aims to create a modern decentralised internet capable of hosting practically any applications, big and small, including smart contracts and DeFi. Unlike the traditional internet, applications and data are hosted on-chain, rather than relying on centralised infrastructure.

DFINITY Launches Bitcoin Smart Contracts

With an overwhelming 96.55 percent support from the ICP community, the resolution to launch Bitcoin smart contracts was passed.

According to DFINITY, “bringing smart contracts to the Bitcoin network will enable developers to build all manner of exciting new systems and Web 3.0 services that process bitcoins and run entirely from the blockchain, creating a foundation for immense new value creation on both networks”.

The Internet Computer is powered by novel ‘chain key cryptography’ that allows it to sign transactions for other blockchains such as Bitcoin. This capability will be used to provide smart contracts hosted on the Internet Computer with native bitcoin addresses via a direct integration of the networks. Internet Computer smart contracts will gain access to bitcoin liquidity, and Bitcoin will gain powerful new smart contract functionality, without the need for insecure and cumbersome trusted bridging services. This will help realise Satoshi’s vision by allowing bitcoin to power a new generation of Web 3.0 internet services.
Dominic Williams, founder and chief scientist, DFINITY Foundation

In short, the integration will allow for the creation of smart contracts to enable lending, yield farming, derivatives, and other DeFi applications for Bitcoin.

Williams goes further in outlining the benefits of the integration:

This means it will be possible to create a Bitcoin wallet using Internet Computer smart contracts that is directly served from the blockchain into a web browser, which then allows the user to securely, conveniently and anonymously authenticate themselves using, say, the fingerprint sensor on their laptop, or face recognition on their phone, in order to send bitcoins to another user, without need for the key management typically involved in self-hosting crypto.
Dominic Williams, founder and chief scientist, DFINITY Foundation

Earlier this year, ICP crashed some 95 percent on news that the developers had sold their holdings. However, the token was trading 13 percent higher on the recent announcement, following a rather tumultuous 48 hours where US$2.5 billion was wiped off the crypto markets.