Markets, AI Market Insights, Technical Analysis, ICP, News Internet Computer defends critical support after sharp swings, with institutional activity visible in volume spikes
Internet Computer Protocol (ICP) experienced heavy volatility during the last 24 hours, as prices swung between $4.77 and $4.94. The action reflected both aggressive buying pressure and equally strong selling, leaving the token stabilizing near $4.8.
The most dramatic move came as ICP rallied sharply to $4.94 around midnight, its high for the period. The breakout coincided with a surge in trading volume exceeding 600,000 units between 14:00 and 16:00 UTC, nearly doubling the daily average, according to CoinDesk Research’s technical analysis data model.
However, the rally proved short-lived, with price falling to $4.78 during the European morning. Persistent volumes throughout the correction signaled more than simple profit-taking, it underscored genuine distribution pressure, which helped cement resistance in the $4.93-$4.94 zone.
The broader crypto market mirrored ICP’s turbulence. The CoinDesk 20 Index, which offers a weighted measurement of the digital asset market at large posted a volatile decline over the same period, trading within a 3% range. Despite trading volumes surpassing 400,000 during key intervals, the index was unable to sustain momentum. The weakness highlights the ongoing strain across digital assets even as some tokens, like ICP, defend key support zones.
Technical Analysis
- ICP traded across a 17 cent range (3.4%) from $4.77 to $4.94.
- Midnight surge to $4.94 marked the session peak before a sharp reversal.
- Volume spikes above 600,000 units recorded between 14:00-16:00 UTC.
- Resistance established in the $4.93–$4.94 zone on heavy selling.
- Support confirmed at $4.77 after steep correction.
- Rally from $4.78 to $4.83 delivered a 1% gain.
- Buying volume surpassed 25,000 units at 08:10 UTC during the rally.
- Successive resistance breaks at $4.79, $4.8, and $4.82 formed an uptrend channel.
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.
CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data Read More