- Dfinity Foundation announced a new partnership with the Swiss city of Lugano.
- The partnership will see ckBTC added in the myLugano application.
Internet Computer (ICP) price remained in a consolidation phase this week as demand for the coin remained weak. Like Bitcoin, Ethereum, and XRP, ICP was stuck at $3.32 this week, which was lower than last week’s high of $4.12. In all, the coin has dropped by more than 58% from its highest level this week.
Dfinity and Lugano partnership
Internet Computer is one of the best and most underrated players in the blockchain industry. Unlike other popular blockchains, Internet Computer provides a holistic product that developers use to build applications with real-world usage. It has been used to build dApps in industries like communication, social media, and decentralized finance.
In addition to its suite of features, Internet Computer has smart contracts built into its network. It has Ethereum Virtual Machine (EVM), making its dApps be able to communicate with Ethereum’s network.
However, as I wrote here, Internet Computer has failed to gain traction among users. While developers are building quality dApps, there is no major breakout star from its network. For example, in DeFi, the industry is still dominated by Ethereum networks like Lido, AAVE, Uniswap, and Maker. This explains why the ICP price has underperformed.
ICP also ignored a major Internet Computer news this week. In a press conference, Dfinity Foundation announced that it was deepening its partnership with the city of Lugano in Switzerland.
The partnership will see ICP token added to the MyLugano application that helps residents pay for services in crypto, Users will now be able to pay for services and taxes using Internet Computer’s ckBTC, a Bitcoin ‘twin’ thst is secured 1:1 with the real Bitcoin. In a statement, the Mayor of Lugano said:
"I am delighted to announce that the DFINITY Foundation has partnered with the Municipality of Lugano to award grants to Lugano-based blockchain companies. We are proud to support our local developer community and this partnership is a major step forward.”
Internet Computer price prediction
The daily chart shows that the ICP crypto price has been in a strong bearish trend in the past few months. In this period, the token has dropped from over $10 to about $3.32. The current price is at the lowest level on June 10th of this year.
Internet Computer has remained below the 50-day moving average while the RSI and the Stochastic Oscillator are forming a bullish divergence pattern.
Therefore, the outlook for the ICP price is bearish, with the next level to watch being at $3. This view will be confirmed if the coin moves below the current support level. The alternative scenario is where Internet Computer rebounds to $4.
