ICP Eyes $5.40 as Volume Surge Confirms Breakout Momentum
Internet Computer (ICP) posted steady gains on August 8, rising 2.29% from $5.25 to $5.37, supported by a strong influx of trading volume and firm support levels around the $5.25 zone.
According to CoinDesk’s technical analysis model, ICP traded within a 4.94% range between $5.16 and $5.42 over the last 24 hours, with pronounced volatility offering opportunities for short-term traders.
Volume surged significantly during early trading hours, hitting 3.13 million units at midnight and peaking at 6.93 million units by 01:00 UTC—far exceeding the 24-hour average of 876,000. The majority of this activity centered around the $5.24–$5.27 support zone, where bids were consistently absorbed, while sellers focused near the $5.39–$5.42 range.
Subsequent intraday movement saw ICP climb from $5.36 to $5.38 as fresh buying volume between 09:50 and 09:55 UTC confirmed $5.33–$5.34 as an interim support level. The breakout above $5.36 was backed by triple the usual hourly trading volumes, signaling momentum continuation.
Despite mixed conditions in the broader crypto market, ICP’s technical setup is strengthening. Consistent defense of key levels, elevated trading activity, and interest from larger players suggest growing confidence in the Internet Computer ecosystem. Recent updates to protocol performance and Bitcoin integration are also supporting sentiment.
Technical Summary:
- Price Range (24H): $5.16–$5.42
- Support Zones: $5.24–$5.27; intraday support at $5.33–$5.34
- Resistance Levels: $5.39–$5.42
- Key Volume Spikes:
- 00:00 UTC – 3.13M units
- 01:00 UTC – 6.93M units
- 09:50–09:55 UTC – 27,887 to 39,904 units
- Market Outlook: Breakout potential above $5.40 with continued volume
