The computer internet token rose for the third day in a row as data showed an intense burning cycle for the token.

Internet computer (ICP) to an intraday high of $12, well above last month's low of $8.83.

The likely reason for this rise is the latest data showing that the ICP burn cycle continues to rise, indicating the value of the token to developers and users. The cycle burn rate has jumped by more than 8,800% year over year.

According to the dashboard, cycle burn now stands at over 849 billion cycles, surpassing the 90-day average of 512 billion. This indicates that the network is working well and the number of ICP tokens in circulation is not increasing rapidly. As shown below, the burn rate has been steadily rising over the past few months.

Additional data indicates that the number of IP packets, or smart contracts, has reached a record high of 879,670. This is a significant increase from 374,000 during the same period last year.

However, the growth of the online computer ecosystem has stalled recently. according to Davey's callThe network has only 11 Decentralized finance The applications, with a total value of just over $52 million. This makes it much smaller than other popular chains like Base and Sui.

Likewise, Chain-Key Bitcoin, the online computer digital twin of Bitcoin, is struggling to gain traction. The market capitalization of ckBTC is $25.7 million, down from last year's peak of more than $75 million, indicating waning interest.

ICP price analysis

The daily chart shows that the Internet Computer token has bounced back after hitting a low of $8.83 in December. It broke above the crucial resistance level at $10.97, the highest swing point since July last year.

The ICP also moved above the 50-day and 200-day EMAs, indicating that the upward move is gaining momentum. The token is now hovering around the 50% Fibonacci retracement level and slightly above the lower bound of the Murrey Math Lines trading range.

Notably, ICP broke through the key resistance level at $11.60, which was the neckline of the double bottom pattern at $9.40. Therefore, the token is likely to continue rising as the bulls target the next major resistance level at $15.58, which represents a potential 30% upside from the current price.