Internet Computer Protocol (ICP) traded in a choppy 24-hour window and has stabilized near $4.80 after intraday swings between $4.77 and $4.94. The most notable market action was a spike in trading activity — a volume burst above 600,000 units between 14:00–16:00 UTC — indicating participation beyond simple profit-taking.
The token hit a session high of $4.94 around midnight before reversing during the European morning to about $4.78. That quick rally-and-reversal established a clear resistance band around $4.93–$4.94, while the pullback confirmed support close to $4.77. Smaller recoveries lifted prices to roughly $4.83, but heavy selling near the top capped further upside.
The broader market showed strain as well: the CoinDesk 20 Index traded within a roughly 3% range and could not sustain momentum despite elevated volumes. The combination of sharp ICP moves and concentrated volume spikes suggests involvement from large traders or institutional participants — activity that can create abrupt liquidity shifts and form short-term technical levels.
Key technical levels
- Resistance: $4.93–$4.94 — heavy selling capped the rally.
- Support: $4.77 — held during the steep correction.
- Near-term recovery: $4.79, $4.80, $4.82 — successive break points that formed a short uptrend channel.
- Volume signal: Spikes above 600,000 units (14:00–16:00 UTC) — watch volume for confirmation of moves.
Market context: The CoinDesk 20 Index’s inability to hold gains during the same period points to broader fragility. Tokens that show strong volume but repeatedly fail to clear resistance may be seeing distribution from larger holders. For ICP, a rapid spike followed by sustained selling suggests rotation rather than a fresh directional commitment by big players.
Risk awareness: This is market analysis, not investment advice. Volatility can produce rapid losses — traders should manage position size, use stop-losses, and confirm liquidity before taking positions.
If ICP can reclaim and hold above roughly $4.82–$4.83 on sustained volume above the daily average, the short-term bias would tilt toward further upside. Failure to defend $4.77 could open the door to lower levels. Short-term traders should watch order-book depth, block trades and whether buying pressure concentrates on tighter timeframes (30–60 minute candles) rather than relying only on price action.
Source: CoinDesk. Read the original coverage for full details.
