Internet computer prices slipped back on Thursday as cryptocurrency prices rebounded. The ICP crypto price also rebounded after the DFINITY Foundation announced that it was creating smart contracts for Bitcoin. The token is trading at $ 51.30, which is about 22% higher than its September lowest.
Smart contracts are coming to Bitcoin
In a statement on Wednesday, DFINITY, the developers of ICP, said it will use new cryptographic techniques to integrate into the Bitcoin network. In a note, the company’s founder and chief scientist said:
“Internet computer smart contracts will gain access to bitcoin liquidity and bitcoin will get powerful new smart contract capabilities without the need for insecure and cumbersome trustworthy bridging services. This will help achieve Satoshi’s vision by enabling Bitcoin to power a new generation of Web 3.0 internet services. “
The announcement came at a time when many developers were starting to use Internet technology to build computers. Some of the projects that use this technology are Fleek, OpenChat. Origin and internet identity, among others.
Price prediction for internet computers
The 4-hour chart shows that the ICP price has been under a lot of pressure lately. During this period it has fallen more than 40% since its peak in September. It has moved along the 25- and 50-day moving averages.
Most notably, the Internet computer price has fallen below the neckline of the head and shoulder pattern. In price action, this price action is usually a bearish sign.
Hence, if the bear target moves below $ 40, there is a likelihood that the price of the token will continue to decline. This view will be voided if the price moves above the resistance at $ 60.