Internet computer (ICP) experienced a sharp reversal after climbing to $ 5.76, with the token dropping to $ 5.59 under Renewed Bearish Pressure.
The move closed a fleeting 24 -hour window in which prices swung between $ 5.28 and $ 5.76 – an interval of 8.3%, according to Coindesk’s Techincal Analysis Data Model. Bulls briefly pushed the prices to the upper end of the corridor before the bears are repeated control and sent prices lower on rising volume.
Heavy sales arose after the price affected $ 5.76, with a 42-minute slide for $ 5.66, forming a remarkable rejection. Volume rose earlier in the day, with an important upward movement from $ 5.28 to $ 5.72 powered by 897,725 tokens traded – well above the daily average. Despite the rally, momentum faded quickly when the resistance was tested again.
While the price action showed clear technical rejection near upper limits, Internet computer remains fundamentally strong. ICP leads all blockchains in GitHub -Development Activity that surpasses Chainlink and Filecoin, Santiment said in its latest monthly location.
ICPS Development Manager emphasizes sustained ecosystem growth and team commitment, even when market participants seem hesitant to chase the recent price heights. Analysts point to the confluence of technical resistance and a cautiously wider market as drivers of the retreat.
Technical analysis
- Price range: swung between $ 5.28 and $ 5.76, an 8.3% intraday spread.
- Resistance: $ 5.76 Limited momentum with visible rejection.
- Support: Strong support confirmed at $ 5.28 in the middle of early accumulation.
- Volume Spike: 897,725 tokens traded under rebound from Intraday Low.
- Sales window: Falling from $ 5.76 to $ 5.66 between 15: 08–15: 50 UTC.
- Almost support: $ 5.66 appeared as a floor after bearish movement.
- Trade activity: The final minuts saw trading volume fade, signal break.
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