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Should You Buy Internet Computers As It's Soaring to Highs?

 


Internet Computer continued its bullish comeback Monday morning as demand for most cryptocurrencies surged. The ICP jumped to a high of $23, the highest since Feb. 22. It's up over 56% since its lowest point this year, taking its total market cap to over $4.8 billion.


ICP is recovering

The Internet Computer is a leading blockchain project developed by Switzerland-based Dfinity. The project was launched in May 2021 with great success. In fact, ICP became one of the top ten cryptocurrencies in the world in its early days.


Since then, ICP price action has been patchy at best. She has moved up from the top ten to the current 36. At the same time, the hype from back then has dropped significantly.


Nonetheless, Dfinity is still building the project and hitting the milestones set out in its roadmap. For example, they are now developing the Chromium portion of the roadmap, which includes several network upgrades.


For example, they expect to offer features that allow integration with Bitcoin, the world's largest cryptocurrency. The aim of this upgrade will be to make powerful smart contract functionality available for BTC transactions. It will also enable BTC transactions with fast finality and low transaction costs.


Other upgrades to be implemented in the Chromium upgrade are signing the ECDSA threshold, implementing ICOS border nodes and enabling simple APIs for ledger transactions. Analysts believe these upgrades will result in significant ecosystem improvements.


However, a big question for Internet computers is whether developers will embrace the network. While some have already embraced it, its usage is still very low.


Price prediction for internet computers



The four-hour chart shows that the ICP price has been in a strong uptrend for the past few weeks. And over the weekend, it managed to break the key resistance at $20.75, which was the highest point in March. It is now approaching the 38.2% Fibonacci retracement level while the price has moved above the 25-day and 50-day moving averages.


Therefore, there are chances that the coin will continue higher as bulls target the 50% Fibonacci retracement level at $26.40.


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