Key Points
Trading volumes have doubled for Internet Computer’s native asset in the past 24 hours, but what’s driving the ICP crypto rally today?
ICP has seen its price skyrocket by 55% since the year started.Nearly a third of the token’s circulating market cap has exchange hands in the past day alone, as volumes jumped near $750 million.
However, just hours ago, the company overseeing the development of the Internet Computer blockchain, DFINITY, revealed a blueprint called “Mission 70” that aims “to scale the Internet Computer economy and drive real adoption.
Don Williams, one of the co-founders of Internet Computer, shared a whitepaper with the details of this ambitious plan that aims to reduce token inflation for ICP by as much as 70% by the end of this year.
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Williams and his plans to achieve this by reducing voting and Gen-1 node rewards, while also increasing token burns.
Mission 70 is probably the key driver behind this uptick in ICP and our free crypto trading signals system spotted it before it happened.
ICP Crypto Signals: Hourly Chart Says “Buy” at $3.90
Look at the 1-hour chart for ICP. Two buy signals popped up as the price consolidated between $3.00 and $3.30. That was the right time to get in before the massive vertical move upwards that started just a few days ago.
Someone always now and what those two previous signals indicate is that trading volumes increased during a phase of accumulation.
ICP is a “buy” on three out of the four time frames our signals system tracks. However, this hourly time frame gives us the best entry for late buyers. The price may come down to $3.90 now as the Relative Strength Index (RSI) hit 87 at some point.
Since a buy signal popped up at this level, it means that an order block likely formed at that point. Hence, the market may come down to look for liquidity, giving late buyers a good opportunity to enter a long position with a target set at $4.80.
You can trade ICP and any other pair we cover on CryptoBites through Bybit’s future platform. If you don’t have an account, you can click here to open one. Up to $6,000 in rewards for new users are waiting for you.
Have You Heard About Church (CHRCH)?
New projects with a promising use case are often the most profitable ones in the crypto space. One interesting candidate that recently showed up in our radar. This one is called Church ($CHURCH) – a faith-based tokens designed to allocate resources to evangelical churches by leveraging the power of Web3.
This Solana-based token has a clear roadmap that includes launching a DAO through which churches will pitch their growth projects to the community to get funded.
This is an early-stage token that still needs a lot of community support to grow, but its use case sounds amazing.
You can visit their official website to learn more and, in case you wanna buy, make sure you buy the right $CHRCH. Here’s the token address just to make sure:75WUVMhKmrdRXCk5whH5ryyH5XocuLNca3yMC3ySXray
