ICP Weakens as Selling Pressure Builds Near Critical Support

Internet Computer Protocol (ICP) drifted downward implicit the past 24 hours, shedding 2.35% to commercialized astatine $5.18.

The token moved wrong a $0.23 set betwixt $5.14 and $5.40, reflecting a 4% plaything that underscored the persistent volatility shaping existent marketplace conditions, according to CoinDesk Research's method investigation information model.

An beforehand to the absorption level of $5.40 was rapidly met with organisation arsenic ICP settled backmost toward its established enactment corridor astir $5.17–$5.20. Trading saw important accumulation activity, with volumes surpassing 643,000 units astatine those levels.

ICP subsequently slipped to $5.19 with repeated absorption astatine $5.24 forming a descending transmission pattern. Short bursts of activity, specified arsenic the 34,000-unit spike astatine 13:54 UTC, were incapable to reverse the momentum, leaving the token consolidating astatine its lows.

ICP could stay nether unit if enactment astatine $5.17 fails to hold, which marketplace participants volition beryllium observing for immoderate rebound signals arsenic organization and retail traders reassess their positioning.

Technical Analysis

• Price scope spanned $5.14–$5.40, a 4% variance crossed the 24-hour session.
• Resistance emerged astatine $5.40 connected August 18 astatine 22:00 UTC with measurement of 294,177 units.
• Support consolidated astatine $5.17-$5.20, with aboriginal greeting volumes exceeding 643,000 units.
• Repeated absorption astatine $5.24 during late-session trading confirmed a descending channel.
• Heavy selling occurred betwixt 13:32–13:46 UTC, with a 34,396-unit spike astatine 13:54 UTC.
• Volume showed a declining pattern, suggesting marketplace exhaustion.

Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.