Bearish Momentum Pushes ICP Down 5%, Cracking Major Support Levels
ICP Slides Nearly 5% as Key Support Crumbles Under Selling Pressure
Internet Computer Protocol (ICP) extended its decline on Tuesday, falling 4.77% over the past 24 hours as it broke below a critical support level amid elevated trading volume and bearish momentum.
The token dropped from $5.66 to $5.39, trading within a volatile $0.33 range between $5.68 and $5.35, according to CoinDesk’s technical analysis model. The sharpest move occurred during the European morning session, when ICP breached the crucial $5.55 support level. Trading volume surged to 647,663 contracts—nearly double the daily average—highlighting the intensity of the sell-off.
A brief stabilization attempt near $5.38 late in the session failed to spark a meaningful rebound. Between 07:06 and 08:05 UTC on July 30, the token edged 0.92% lower from $5.44 to $5.39. Continued pressure around the $5.38 level during the 07:40–07:55 window signaled that sellers remain firmly in control.
Despite the price weakness, development efforts continue. The DFINITY Foundation recently launched Internet Computer 2.0, a major upgrade enabling users to build applications using natural language prompts—removing the need for coding experience. While this innovation enhances usability, it has yet to translate into a bullish reversal for ICP’s price.
Technical Snapshot:
- 24-Hour Price Move: -4.77%
- Trading Range: $5.35 – $5.68 (5.3% volatility)
- High-Volume Breakdown: $5.55 breached with 647,663 contracts
- Key Support: $5.38 tested multiple times
- Resistance Zone: $5.44 caps upside efforts
- Current Trend: Consolidation between $5.38 and $5.44 with fading momentum
While fundamental developments are progressing, technical indicators point to continued weakness unless bulls can reclaim lost ground.
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