Is It Too Late to Buy Internet Computer? ICP Price Rallies 55% as New Meme Coin Prepares to Launch
Publikováno: 4.1.2024
As Internet Computer – a leading decentralized data storage project – ICP price has rallied +55%, FOMO traders are asking is it too late to buy Internet Computer? The ICP token has exploded over the past few weeks after a strong consolidation above $9 throughout the end of December set the stage for a seismic […]
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As Internet Computer – a leading decentralized data storage project – ICP price has rallied +55%, FOMO traders are asking is it too late to buy Internet Computer?
The ICP token has exploded over the past few weeks after a strong consolidation above $9 throughout the end of December set the stage for a seismic +55% rally into New Years as the ‘storage narrative’ sweeps into the charts.
$ICP – HALF THE SUPPLY IS LOCKED UP! pic.twitter.com/e7SA6m1kk4
— Beaver.icp ∞ (@Beaver_icp) January 2, 2024
This comes as almost half the ICP supply is locked-up (48.4%) in staked supply and earning rewards, leaving just 51.6% of supply in circulation for trading.
ICP Price Analysis: Is it Too Late to Buy Internet Computer Or Will There Be a Retrace?
With price still pushing up, Internet Computer is currently trading at a market price of $14.44 (representing a 24-hour change of +0.35%).
This comes as ICP price shifts firmly into the upside of the trading channel, after a strong bounce from 20DMA support on December 30.
The 20DMA has provided a foothold for much of the past few weeks of upside price action, however, with price now divergent from the moving average, the 20DMA is left offering lower support at $10.79.
Meanwhile the 200DMA is currently sat far below the breakout trading channel at $4.62 (although gradually shifting into ascendance).
With price sat bullish above these moving average supports, the RSI offers a warning sign that price action could be overheated, with a firm overbought bearish signal at 80.99.
This suggests a need for an imminent retrace, although this meets with challenge from the bullish MACD which reflects the impressive bullish momentum at 0.380.
Overall, ICP price is showing alluring strength here, although divergence above the 20DMA and a severely overheated RSI suggest a retracement move is overdue.
This leaves ICP price targeting higher at $16.30 (a potential +12.76%).
While downside risk from here could see a resounding drop to $11.88 (a possible -17.82%).
Therefore ICP has a current risk: reward ratio of 0.72, a bad entry dominated by likely downside risk on the short-time frame – suggesting awaiting a later entry could be worthwhile.
But while ICP price offers a poor entry, a second-edition meme coin launch is garnering major traction in the crypto community.
Sponge V2 Launch ($SPONGEV2): A New Era in Meme Coin Evolution – Poised To Outperform ICP Price Explosion?
Sponge V2, the latest iteration of the renowned Sponge ($SPONGE) meme coin, is making waves in the cryptocurrency market.
Following the phenomenal success of Sponge V1, which peaked at nearly $100 million in market cap and amassed over 13,000 holders, Sponge V2 arrives with promising innovations and opportunities for investors.
How to Acquire Sponge V2
Acquiring Sponge V2 is unique:
- Stake Sponge V1: Buy and stake V1 tokens via Sponge.vip or stake your existing V1 tokens.
- Earn More V2: The longer and more V1 tokens you stake, the more V2 tokens you earn.
Read more: Best Crypto to Invest In 2024
Staking Mechanics and P2E Integration
Sponge V2 introduces Play-to-Earn (P2E) utility, enhancing its ecosystem.
Stake your V1 tokens to earn V2, and engage in the upcoming P2E game to earn additional $SPONGEV2 tokens.
This P2E game, a new utility in the Sponge ecosystem, will feature both free and paid versions for enhanced gaming and earning experiences.
Unique Aspects of Sponge V2 Over ICP Price Rally
- Exclusive Access: Earn $SPONGEV2 exclusively through $SPONGE staking.
- Bonus Rewards: Buying and staking $SPONGE offers special $SPONGEV2 bonuses.
- Passive Earnings: Staked $SPONGE tokens yield passive rewards, starting at a minimum 40% APY.
- Permanent Transition: Staked V1 tokens will be permanently locked, focusing on V2 post-launch.
Roadmap and Future Prospects
Sponge V2’s roadmap is ambitious, targeting 10,000 holders, Tier 1 CEX listings, and a $100M market cap.
The launch stages include the Sponge game’s development and the Sponge V2 claim and listing.
Sponge V2 is not just a sequel to its predecessor; it’s a reinvention with a focus on utility and community engagement.
The integration of P2E and exclusive staking mechanisms make it a standout project in the meme coin domain.
Stay updated on Sponge V2’s journey through social channels and witness its growth in the crypto world.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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