ICP Shows Resilience as Institutional Buying Drives Push Toward $5.70
Internet Computer (ICP) displayed notable resilience over the past 24 hours, climbing to an intraday high of $5.6781 before consolidating slightly below the $5.50 level. Despite selling pressure in the latter part of the session, the token remains positioned for a potential breakout amid continued volatility.
The move kicked off on July 13 at 17:00 UTC, as ICP began a steady advance, reaching its peak early on July 14. The rally was fueled by a surge in trading volume, exceeding 800,000 units during the strongest upward stretch from 02:00 to 05:00 UTC. Bulls briefly tested resistance around $5.67, a level that has historically capped upward momentum.
However, significant selling emerged after the high, causing prices to retreat quickly. In the hour ending at 16:05 UTC on July 14, ICP slipped 1% to $5.45, decisively breaching the key $5.48 support level. A sharp spike in volume near 50,000 units during the 15:48–15:49 UTC interval underscored the bearish pressure.
Despite the pullback, ICP has stabilized within a tighter trading band between $5.44 and $5.46.
Technical Highlights:
- Price Range: $5.40 – $5.68, marking a 5% intraday swing
- Early Rally: Price surged from $5.47 to $5.68 amid 800K+ volume between 02:00–05:00 UTC
- Resistance Zone: Solidified around $5.67–$5.68
- Final Pullback: Price dropped from $5.50 to $5.45 in the hour ending at 16:05 UTC
- Key Support Broken: $5.48 breached on heavy volume, hinting at possible further downside
- Notable Sell Activity: 50K units traded within one minute at 15:48–15:49 UTC
- Current Range: Consolidation seen between $5.44 and $5.46 as of late session
With institutional interest still strong, traders are watching for a potential breakout above $5.70, which could pave the way for further upside. Conversely, failure to hold the current support range might open the door for deeper retracements.
