Altcoin
ICP outshines DOT, ADA in dev activity: So why are prices struggling?
Despite ranking first in development activity in February, ICP’s price did not react.
- While ICP’s development activity dropped, ADA and DOT’s graphs moved up.
- Metrics and indicators looked bearish on ICP.
Internet Computer [ICP] performed well last week on the development front, as it outshone top players in the space, notably Polkadot [DOT] and Cardano [ADA].
However, this achievement did not affect the token’s price, as its daily chart remained in the red at press time.
Internet Computer’s development is rising
As per a recent tweet from CryptoDep, ICP’s development activity stood at 420 in February, while ADA and DOT’s values were at 410 and 397, respectively.
However, AMBCrypto’s look at Santiment’s data revealed a different story. We found that things changed in March as Internet Computer’s development activity dropped in the last few days.
Source: Santiment
Additionally, its Dev Activity Contributors Count dropped over the last seven days. It was interesting to note that while ICP’s development activity dropped, ADA and DOT’s cheats moved upward.
A high level of development activity means more efforts are made by developers to improve a blockchain. So, the impact of the rise in the metric on their prices will be interesting to keep an eye on.
Source: Santiment
How is ICP reacting?
ICP’s price also shot up by 5% in the last seven days. At the time of writing, the token was trading at $13.18 with a market cap of over $6 billion.
The recent negative price movement might last longer, as a few metrics looked bearish. For example, the token’s Open Interest was high.
A rise in this metric often heralds a continuation of the current price trend
ICP’s Binance Funding Rate also remained in the green, meaning that derivatives investors were actively buying ICP at a lower price.
Source: Santiment
Read Internet Computer’s [ICP] Price Prediction 2024-25
To see what to expect from the token in the coming week, AMBCrypto took a look at its daily chart. Things looked pretty bright, as most indicators supported the sellers.
Per the Bollinger Bands, ICP’s price had entered a squeeze zone at press time. The Relative Strength Index (RSI) also registered a downtick, indicating that the chances of a continued price decline were high.
Source: TradingView
