ICP Holds Key Support Near $4.8 Amid Volatile Trading
Internet Computer Protocol (ICP) navigated a highly volatile 24-hour session, with prices swinging between $4.77 and $4.94 before stabilizing near $4.8. The moves reflected strong buying pressure countered by equally intense selling, signaling active market participation.
ICP surged to $4.94 around midnight, supported by trading volumes exceeding 600,000 units between 14:00 and 16:00 UTC—nearly double the daily average, according to CoinDesk Research. The rally, however, proved short-lived, as the price retraced to $4.78 during European trading hours. Persistent high volumes during the pullback highlighted distribution pressure and cemented resistance in the $4.93–$4.94 range.
Broader market trends mirrored ICP’s turbulence. The CoinDesk 20 Index, a benchmark for top digital assets, traded within a 3% range, with volumes above 400,000 during key intervals, yet failed to sustain momentum. The weakness emphasizes ongoing strain across the crypto market even as tokens like ICP defend critical support levels.
Technical Highlights:
- Trading Range: $4.77–$4.94 (3.4% volatility)
- Resistance: $4.93–$4.94
- Support: $4.77
- Recent Rally: $4.78 → $4.83 (1% gain)
- Volume Surges: Above 600,000 units in key periods; buying volume >25,000 units at 08:10 UTC
- Trend: Uptrend channel confirmed via successive resistance breaks at $4.79, $4.80, and $4.82
ICP’s ability to maintain support near $4.8, despite heavy swings, underscores continued institutional interest and sets the stage for potential further gains if momentum resumes.
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