New Blockchain-AI smart contracts on ICP might boost recovery

Internet Computer (ICP) recently made a few developments showcasing its first Blockchain AI smart contracts implementation. The DFINITY-powered blockchain network marked a key milestone in integrating Blockchain and artificial intelligence. This is an initiative towards the ambitious goal of the protocol to develop a system for the world of Blockchain. 

More announcements will likely follow with the ICP smart contracts to access SMID or single instruction multiple data instructions. The upgrade will significantly boost the efficiency and speed of the network, potentially facilitate a transition from the 32-bit environment to a more secure 64-bit system, and expand the memory limits of the smart contracts. 

The integration of AI and Blockchain across different sectors will be pioneered by the efforts of Internet Computers. It will extend beyond these advanced technologies into other fields like education, security, health, and sports. The broad adoption of AI and Blockchain will emphasize the revolutionary potential of AI in various industries. 

ICP is experiencing high market volatility. The value of the token has declined over the past 30 days by more than 23%, with a decline of 13% in the last week and a 3.5% fall in the last 24 hours. 

Additionally, ICP market capitalization stands at over $6.2 billion while gaining over 28% in volume in the last 24 hours, trading slightly above the $124 million mark. 

Considering the setbacks, the ICP price movement still shows a rising trend line, constantly testing the crucial resistance and support levels. 

Considering the weekly timeframe, the current bearish momentum brought ICP’s potential to test the support level candle’s bearish closure last week with a bearish market sentiment observed in the weekly candle. 

Considering the daily timeframe, the price of ICP has been bearish, reaching $13.23 according to our ICP price prediction. However, it received support with a rising trend line at the $11 mark while rebounding to $16.4 and falling between the Fibonacci retracement levels of 50% and 61.8% before returning to the downward trend line. 

There is potential for an ICP bullish reversal only if its price maintains above the trend line support. The price can revisit previous high levels of $16.4 and $20.9 if it can hold above this trend line level. 

Conversely, if the bearish momentum continues to dominate while pushing the price below the rising trend line support, ICP might retest the recent $10.5 low level. 

The RSI (relative strength index) currently stands at 43, indicating that a fall might push the trend line into an oversold region and set a recovery stage. Other technical indicators signal a bullish momentum if the ICP price stays above the rising trend line support, driving the token toward the high levels of $24 and $37 in the future.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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