The crypto market’s sentiment remains shaky after the past days of downward trajectory across the board. However, ICP remains at the top of the market, going against the grain to secure upward momentum long term. According to CoinGecko, ICP has risen almost 15% since last week which may be a good omen for investors despite the market’s bearish stance.
Dfinity has shown recently that its network can perform on par with the market giants, revealing fresh new stats that may calm the fear, uncertainty, and doubt within the market.
ICP: Network Stats And Development
Dfinity revealed that the network’s burn count has risen by a significant margin year-to-date. According to the X post, from August 2023’s daily burn cycles of 424 to August 2024’s 1112, representing a 168% increase.
This development is huge for the future performance of ICP as burning the tokens makes the scarce in prospects.
Growth alert 🚨
Cycle burn (network activity) has soared over the past year, showing a 168% increase compared to last August 🔥 pic.twitter.com/M1xJ9zrZhO
— DFINITY (@dfinity) August 28, 2024
Another major development within the network is the deployment of ckBTC, Dfinity’s multi-chain “Bitcoin twin” which offers new possibilities for users of ICP. According to ckBTC’s website, this was made possible by Internet Computer’s smart contracts that hold raw Bitcoin. ckBTC’s fast finality of 1-2 seconds also helps the user experience greatly as it can be deployed on a variety of ways.
One of the ways ckBTC is utilized is through payments and remittances which makes ckBTC useful for real-world problems.
Rejection Below $8 Suppresses Short-Term Gains
Despite the halting bearishness in the market, the aftermath of the general down trends remains at large with the token being rejected by the $8 ceiling, preventing the bulls from securing short-term gains. This may lead to the token stabilizing between the $7.3-$8 trading range which will support future upward trajectory.
ICP’s current trajectory remains cloudy at best. The stabilizing force between the bears and bulls stops both sides from gaining much ground. Right now, ICP’s volatility remains low as the market recovers from the bearish onslaught it has experienced.
Clues might lie in the token’s relative strength index (RSI) which shows ICP’s trajectory may go both ways considering the market’s future performance. If the market continues to be bearish in the long term, the token’s RSI will indicate the bearish flip, which will drive the token below $7.3.
If the market flips bullish, ICP bulls may target $9.1 as breaking through this ceiling is more realistic within the next couple of days. However, investors and traders should be cautious as this low volatility environment may swing both ways, hurting profits and bringing pain to portfolios.
Featured image from Altify, chart from TradingView
