The Internet Computer code remained in a tight range on Friday despite a popular crypto researcher criticizing its technology.

Internet computer (ICP(Bitcoin) and ripple (XRP) is hovering near all-time highs.

ICP remained largely unchanged after Justin Pons, a well-known cryptocurrency researcher and hedge fund manager, criticized its technology.

In a detailed post on X, Bones argued that the Internet's computer network is too centralized and insecure. Pons's first claim was that the Internet computer relies on at most 40 independent subnets, each of which is responsible for its own security. during an avalanche (fax) and Polkadot (a point) Using similar technology, its subnets use combined security, making them more secure.

According to Ponce, ICP is highly insecure because it publicly lists the data center locations of its nodes, which could expose them to attacks.

31/1) ICP is centralized and insecure; ICP is dangerous!

You can bring down ICP by attacking only 40 nodes in known and established data centers!

ICP promises the moon but offers nothing unique

Scalability without decentralization is meaningless; The standard design of ICP is the problem: 🧵

– Justin Bones (@Justin_Bons) January 17, 2025

Pons also criticized Internet Computer's claim of unlimited scalability. He said that the scalability of the network has limits since all the subnetworks must communicate with each other.

Another issue raised by Bones concerns ICP's claim to have solved the oracle problem using HTTP calls, which allow smart contracts to retrieve data from Web2 APIs. He believes this approach is flawed because it relies on centralized tools.

These criticisms likely explain why the Internet computer has performed poorly compared to other blockchains in the cryptocurrency industry. For example, the ICP hosts only a few Decentralized finance Applications with a total value of $41 million. The market capitalization of stablecoins is Only $5 millionwith Tether representing 66% of the total.

ICP price analysis

The daily chart shows that the price of netcoin has risen slightly in recent days with most cryptocurrencies rebounding. ICP price rose after forming a double bottom chart pattern at $9.33. This bullish reversal pattern is characterized by two low points and a neckline, which, in the case of ICP, is located at $12.72.

The token moved above the 200-day moving average and the 50% Fibonacci retracement level. Additionally, it broke above the uptrend line that connects the lowest volatility since November of last year.

The ICP's bullish breakout will be confirmed if the price moves above the double neckline at $12.72. Such a move could trigger a rally to the next resistance level at $15.60, the November high.