Markets, AI Market Insights, Technical Analysis, ICP, News ICP executes V-shaped recovery, reclaiming $5.13 on heavy volume, possibly setting up for continued gains
Internet Computer Protocol (ICP) demonstrated resilience during the last 24 hours, staging a rally that lifted the token nearly 3% to $5.13.
The move capped a V-shaped recovery that began with an overnight retreat to support levels around $4.98, where a high volume of buying activity took hold, according to CoinDesk Research’s technical analysis data model.
After dipping from $5.07, ICP consolidated within the $4.98-$5.00 zone, establishing a base reinforced by trading volume of 372,179 units, substantially above average levels. This accumulation phase marked the turning point, as buying pressure mounted through the early session.
Momentum built steadily before culminating in a decisive breakout late in the period. ICP rose through multiple resistance barriers to touch $5.13, with the final advance fueled by a 272,186-unit volume spike. Resistance that had previously formed near $5.11 was breached, suggesting sellers were losing control of the near-term trend.
Cryptocurrencies such as ICP appear to be drawing fresh interest as alternative asset classes gain traction. The recovery and heavy accumulation at support levels may position ICP for further gains, with the next technical target in sight around $5.18 based on Fibonacci extension levels.
Technical Analysis
- Trading corridor: $4.98 to $5.13, representing a 3% range.
- Recovery pattern: V-shaped rebound from $5.07 decline to $4.98–$5.00 support.
- Volume support: 372,179 units at $4.98, well above daily averages.
- Resistance: Formed around $5.11 but broken during final surge.
- Breakout: Prices advanced to $5.13 on 272,186-unit volume spike.
- Momentum: Signals strong interest and setup for $5.18 target.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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