ICP Gains 2.8% as Strong Volumes Fuel Rebound From Selloff
Internet Computer Protocol (ICP) advanced 2.8% in the past 24 hours, outperforming the CoinDesk 20 index’s 1.9% rise, as heavy trading activity underscored investor interest despite broader market uncertainty.
The token moved within a 5% corridor, swinging between $4.60 and $4.84, CoinDesk Research data shows. The steepest decline unfolded on Sept. 1 between 20:00 and 21:00 UTC, when ICP dropped from $4.74 to $4.60 on volume spikes above 827,000 units—more than double the daily average of 387,000. The move established $4.60 as a strong support level, sparking renewed buying momentum.
Following the selloff, ICP steadily recovered, retesting resistance at $4.83–$4.84. Trading activity again outpaced norms, with hourly turnover peaking at 26,000 versus an average of 5,500. Consolidation near $4.82 ultimately cleared into a breakout toward $4.84, confirming a shift in momentum.
Technical patterns now suggest ICP could extend gains if support holds, with Fibonacci projections highlighting potential upside targets above $4.85.
Key Technicals
- Price range: $4.60–$4.84 (5% band).
- Major selloff volumes: 827,105 and 684,909 units.
- Firm support: $4.60.
- Rebound peak: $4.84 by 10:00 UTC Tuesday.
- Resistance: $4.84, confirmed by breakout activity.
- Hourly turnover far exceeded the 5,500-unit average.
- Setup indicates potential for further upside if momentum persists.
