ICP is up by greater than 9% within the final 24 hours

The cryptocurrency market is recovering from the hunch it suffered earlier this week. 

The cryptocurrency market is buying and selling within the inexperienced zone after shedding a few of its worth earlier this week. The market has added greater than 1% to its worth within the final 24 hours, however the whole market cap stays under $1.3 trillion.

Bitcoin remains to be struggling under the $30k mark regardless of including lower than 1% to its worth to date at this time. Ether is within the purple zone, dipping by greater than 3% within the final 24 hours. At press time, ETH is struggling to remain above the $1,700 assist stage.

ICP, the native token of the Web Laptop ecosystem, is at the moment the most effective performer amongst the highest 50 cryptocurrencies by market cap. ICP has outperformed the opposite main cryptocurrencies within the final 24 hours.

There is no such thing as a obvious catalyst behind ICP’s ongoing constructive efficiency. Within the final seven days, ICP has added greater than 15% to its worth.

The Web Laptop group is likely to be warming as much as DFINITY’s upcoming SUPERNOVA hackathon. That is the hackathon of the Web Laptop group, and will see some nice initiatives deployed on the blockchain.

2400 devs registered at #SUPERNOVA ! Not registered but? 22 days left to affix and construct on the #InternetComputer for an opportunity to win. Enroll NOW!https://t.co/s62qWuxK8B pic.twitter.com/9zagx7cyh7

— DFINITY (@dfinity) May 30, 2022

Key ranges to look at

The ICP/USD 4-hour chart is bullish as ICP has been performing properly over the previous few days. 

The MACD line is throughout the constructive territory, indicating bullish momentum. The 14-day relative power index of 52 reveals that ICP is now not throughout the oversold area.

At press time, ICP is buying and selling at $8.29 per coin. If the rally continues, ICP may transfer previous the $9.14 resistance stage earlier than the tip of the day. 

Nevertheless, it could want the assist of the broader crypto market to succeed in the $10 mark within the brief time period.