Internet computer
Reverse after testing the $ 5.75 level in the early hours of August 11 and succumbed to selling pressure driving the token down to $ 5.43.
ICP appeared to be in a stable consolidation pattern between $ 5.65 and $ 5.67, before a rally propelled to its tops of $ 5.75. However, the momentum faded when sellers stepped in strongly after 11:00 ADC. Trade volume rose to 965,595 units-nest twice the daily average of 487,064-when the distribution intensified around the $ 5.61 resistance zone, indicating profit and institutional sales, according to Coindesk Research’s technical analysis data model.
Buyers then defended the support level of $ 5.44 and triggered a rebound from $ 5.46 to $ 5.54. The climbing was powered by a volume tip to over 75,000 units between 13:41 and 13:48, more than four -time quadrupling and pointed to potential institutional accumulation after the sale.
Despite the improvement, ICP remains in the red at the time of writing. Still, the strong defense of key support levels and breakout suggests through short -term resistance zones to resilience, leaving the door open to Bullish follow -up if it buys pressure.
Technical analysis
- Price range spans $ 0.31 and marked a 5% spread between $ 5.75 high and $ 5.43 low.
- Sideways Consolidation for $ 5.65- $ 5.67 prior to the outbreak to $ 5.75.
- Reversal after the top accelerated after 11:00 UTC, led by heavy sales.
- Volume tip for 965,595 units dwarfed 487,064 daily average.
- Resistance formed to $ 5.61 under the highest sales activity.
- Support held at $ 5.44 before rebound began.
- Restore pushed through $ 5.47 and $ 5.52 resistance zones.
- Volume reached 75,000 units and topped 18,500 hourly average.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
