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Internet Computer Integrates Blockchain and AI
Internet Computer (ICP) has recently achieved a significant milestone by implementing its first Blockchain AI smart contracts. This development, powered by DFINITY, marks a crucial step towards the protocol’s goal of creating a cutting-edge system within the world of Blockchain.
One of the key features of the new smart contracts is their ability to access SMID (single instruction multiple data) instructions. This upgrade is set to enhance the network’s efficiency and speed, potentially leading to a transition from a 32-bit environment to a more secure 64-bit system. Furthermore, it will expand the memory limits of the smart contracts, opening up new possibilities for innovation and growth within the ecosystem.
The integration of AI and Blockchain across various sectors will be spearheaded by Internet Computers. This initiative aims to go beyond the boundaries of these advanced technologies and make an impact in fields such as education, security, health, and sports. The widespread adoption of AI and Blockchain is expected to showcase the transformative potential of artificial intelligence in diverse industries.
Market Volatility and Price Analysis
Despite its recent achievements, ICP has experienced high market volatility, with the token’s value declining by more than 23% over the past 30 days. In the last week alone, there has been a 13% decrease, followed by a 3.5% fall in the last 24 hours. Despite these fluctuations, ICP’s market capitalization has exceeded $6.2 billion, with a trading volume of over $124 million in the last 24 hours.
Looking at the price movement, ICP continues to show a rising trend line, which has been tested multiple times at crucial support and resistance levels. On a weekly timeframe, the bearish momentum has threatened to test the support level candle’s bearish closure, signaling a negative market sentiment. However, on a daily timeframe, the price of ICP has experienced fluctuations between $11 and $16.4, with potential for a bullish reversal if it maintains above the trend line support.
If the bearish momentum persists and pushes the price below the rising trend line support, ICP could retest the recent low of $10.5. The current relative strength index (RSI) stands at 43, suggesting a potential fall into an oversold region before setting the stage for a recovery. Technical indicators point towards a bullish momentum if the price remains above the trend line support, possibly reaching high levels of $24 and $37 in the future.
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