The cryptocurrency market is recovering from the slump suffered earlier this week.
The cryptocurrency market is trading in the green zone after losing some value earlier this week. The market has added more than 1% in value over the past 24 hours, but the total market cap remains below $1.3 trillion.
Even though Bitcoin has increased its value by less than 1% so far today, it is still struggling under $30,000. Ether is in the red zone, down more than 3% in the past 24 hours. ETH is struggling to hold above the $1,700 support at press time.
ICP is the native token of the internet computing ecosystem and is currently the best performing cryptocurrency among the top 50 cryptocurrencies by market cap. ICP has outperformed other major cryptocurrencies in the past 24 hours.
There is no obvious catalyst behind the ICP’s continued positive performance. In the past 7 days, the value of ICP has increased by more than 15%.
The Internet computing community may be warming up for DFINITY’s upcoming SUPERNOVA Hackathon. This is a hackathon for the internet computing community to see some great projects deployed on the blockchain.
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— DFINITY (@dfinity) May 30, 2022
Key Levels to Watch
The 4-hour chart of ICP/USD is bullish as ICP has performed well over the past few days.
The MACD lines are in the positive territory, indicating bullish momentum. The 14-day RSI of 52 indicates that the ICP is no longer in oversold territory.
At press time, ICP is trading at $8.29 per coin. If the rally continues, the ICP could break the resistance at $9.14 by the end of the day.
However, it needs support from the wider crypto market to reach the $10 mark in the near term.
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