Internet Computer Protocol (ICP) showed renewed buying interest over the past 24 hours, lifting the token about 2.8% and outpacing the CoinDesk 20 index, which rose roughly 1.9%. Price moved inside a narrow $0.24 band — between $4.60 and $4.84 — but the makeup of that move gives a clearer picture for traders.
The sharpest drop occurred between 20:00 and 21:00 UTC on Sept. 1, when ICP fell from $4.74 to $4.60 amid heavy selling. Trading volumes spiked to more than 827,000 units, well above the 24‑hour average of 387,000, and the lower prints quickly attracted bids. That buying pressure established a firm support level at about $4.60 and set the stage for a recovery.
After the dip, ICP recovered steadily, testing resistance near $4.83–$4.84. Several hourly windows recorded turnover of 26,939 and 17,946 units versus an hourly average near 5,500 — a clear sign participation increased during the bounce. Price consolidation in the $4.82–$4.83 band preceded a rapid push to $4.84, behavior technical traders often treat as a volume-confirmed breakout.
What this means: the combination of a sharp washout to support followed by above‑average volume on the rebound favors continued short‑term momentum. Traders looking for confirmation may watch Fibonacci extension levels above $4.85 as potential upside targets, though these are probabilistic signals rather than guarantees.
Risk considerations: momentum trades can reverse quickly. Heavy intraday volume can both signal conviction and amplify volatility; disciplined stop management and conservative position sizing are important. Broader market conditions — the CoinDesk 20 only rose modestly — could still weigh on ICP if risk appetite subsides.
Key levels to watch: support at $4.60, near-term resistance at $4.84, and a confirmed breakout on sustained volume above that range. For traders the current setup provides a defined risk/reward framework; for longer-term holders it underscores market resilience but doesn’t replace fundamental assessment.
Source: CoinDesk. Read the original coverage for full details.
