The Dfinity project’s ICP token is not in a rush to meet the example of the reddened market and is increasing in value by 68 percent per day. Meanwhile, Bitcoin is licking its wounds, regaining the $40,000 mark.
When it first appeared on exchanges, the coin quickly climbed to the top ten cryptocurrencies on CoinMarketCap. However, no one predicted a different alignment from a project aimed at “moving” Internet behemoths such as Amazon, Microsoft, and Google.
But not without a drawback. Since Dfinity tokens were listed on major exchanges ten days ago, their value has plummeted from a high of $737 to a low of $94. Even though the token was attempting to rebound from a steep drop from $600 to $280, it only did so once, the day after it was listed on exchanges, when it managed to test the $500 mark once more.
Now, the cryptocurrency has straightened its back and begun to mature, setting a clear precedent for the rest of the market’s altcoins. On Binance, the current valuation of ICP is $178.84, and the project capitalization reaches $22.25 billion.
The ICP gradually approached the horizontal resistance level of $208, as indicated by a series of highs on May 17. If the token can hit and break this mark, we can talk about potential growth to the lows of May 15 at around $235. And, now that the bearish resistance at $135 has been surpassed, the bulls have shown significant support for other indicators.
If investors do not hold on to an uptrend, a negative outcome will occur. A drop to levels below $150 could result in additional losses, even for those who bought the token at yesterday’s $94 low. Not to mention those who purchased it in the early days of its listing on Binance, Coinbase, Huobi, and other major exchanges.