internet computer [ICP] outperforms its competitors in this area

Internet Computer topped the list of most active cryptos on Github for the last three months. The Galaxy Score was bullish, but metrics and market indicators suggested otherwise.

internet computer [ICP] has outperformed other cryptos in terms of Github commits for a few months. ICP topped the list of the most active cryptos on Github over the last three months, which was commendable.

Apart from ICP, Solana [SOL] and Mina protocol [MINA] also made the top three.

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Most active cryptos (3 months) based on #github $ICP $SOL $MINA $SUSHI $CAKE $RBC $MASK $ATOM $GRS $LINK pic.twitter.com/hCotlbZx7X

β€” Coin.fyi (@CoinFyi) February 25, 2023

While ICP’s Github rallied, LunarCrush’s data indicated another upside that was in investors’ best interests.

In terms of Galaxy Score, ICP made it onto the list of the 15 best projects. It was a key bullish signal that suggests a potential price hike in the coming days.

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TOP 15 Coins by @LunarCRUSH Galaxy Score

Galaxy Score is a proprietary score that constantly benchmarks crypto against itself in terms of community metrics pulled from across the web$YOOSHI $TVK $KDA $BLUR $XRD $ICP $KCS $OP $INJ $PI $ RARE $DGB $REQ $ORN $NAKA pic.twitter.com/pdSOKlk4yI

β€” πŸ‡ΊπŸ‡¦ CryptoDiffer – StandWithUkraine πŸ‡ΊπŸ‡¦ (@CryptoDiffer) February 26, 2023

Realistic or not, here is the ICP market cap in BTC terms

An upward trend does not seem likely

ICP’s price has declined significantly over the past week, falling more than 15%. However, CoinMarketCap pointed out that the price of ICP has seen a 0.66% gain over the past 24 hours.

READ :  Internet Computer (ICP) loses 5% in the last 24 hours as bulls lose aggressiveness

At the time of writing, it was trading at $6.12 with a market cap of $1.78 billion. Although LunarCrush data was supportive of the bulls, the ICP’s daily chart gave a bearish notion as most indicators were against the possibility of a price increase.

For example, ICP’s Chaikin Money Flow (CMF) declined significantly and was well below the neutral zone. The MACD further established the sellers advantage in the market as it indicated a bearish crossover.

The distance between the 20-day EMA and the 55-day EMA also appeared to be shrinking, which was bearish.

ICP’s Relative Strength Index (RSI) has been declining for the past few days, resting in the neutral zone. Nonetheless, the Money Flow Index (MFI) was slightly bullish as it traded above the 50 level.

Source: TradingView

How much are 1,10,100 ICPs worth today?

On-chain performance was also a concern

ICP’s on-chain performance also looked very dull. Its volume fell sharply last week, indicating a lack of investor interest in buying or selling the token.

In stark contrast to ICP leading the list of cryptos by Github activity, the network’s development activity declined, which was a largely negative signal.

ICP also didn’t receive much interest from the derivatives market as its Binance funding rate remained relatively low throughout the week.

Negative sentiment around ICP appeared to have increased last week. So this reflects lower investor confidence.

Therefore, given the market indicators and on-chain metrics, it did not seem likely that a bull run would occur in the short-term.

Source: Santiment