Internet computer protocol (ICP) drifted downwards over the last 24 hours and threw 2.35% to trade at $ 5.18.
The token moved within a $ 0.23 ribbon between $ 5.14 and $ 5.40, reflecting a 4% turn that emphasized the sustained volatility that formed current market conditions, according to Coindesk Research’s technical analysis data model.
A step forward to the $ 5.40 resistance level was quickly met with distribution as ICP settled against its established support corridor about $ 5.17- $ 5.20. Trade experienced a significant accumulation activity where volumes exceeded 643,000 units at these levels.
The ICP then slipped to $ 5.19 with repeated resistance to $ 5.24 and formed a falling channel pattern. Short outbursts of activity, such as 34,000-unit tip at. 13:54 UTC, was unable to reverse the momentum, leaving the token who consolidated by its low.
ICP may remain under pressure if support for $ 5.17 has not had which market participants will observe for any rebound signals as institutional and retailers reassess their positioning.
Technical analysis
- Price range spans $ 5.14- $ 5.40, a 4% variance across the 24-hour session.
- The resistance occurred at $ 5.40 on August 18 at 1 p.m. 22:00 UTC with volume of 294,177 units.
- Support consolidated to $ 5.17- $ 5.20 with early breakfasts over 643,000 units.
- Repeated resistance to $ 5.24 while trade in late session confirmed a falling channel.
- Heavy sale occurred between 13: 32–13: 46 UTC, with a 34,396 unit peak at. 13:54 UTC.
- Volume showed a declining pattern that suggested market fatigue.
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