ICP Holds Firm Near $4.80 Support Despite Global Market Volatility
Internet Computer (ICP) demonstrated impressive resilience over the past 24 hours, managing to stabilize amid broader market uncertainty fueled by global macroeconomic tensions. After dipping to a session low of $4.78, ICP rebounded to nearly $4.85, ultimately closing at $4.7771, marking a modest 0.98% decline on the day.
Throughout the session, ICP consistently respected its crucial support level at $4.80—a zone that held firm multiple times, according to technical analysis by CoinDesk Research. This price level has emerged as a key pivot for traders who are watching for a potential breakout if broader sentiment improves.
Macro influences continue to shape the crypto market. While geopolitical tensions have cast a shadow over investor confidence, bitcoin’s climb back to $109,000 during Asian trading hours sparked a wave of trading activity across altcoins, including ICP, even if price action remained relatively steady.
ICP’s ability to rebound from its support zone despite intraday volatility suggests growing confidence among market participants, hinting at the possibility of continued consolidation or an upward move if conditions remain favorable.
Technical Analysis Highlights:
- ICP traded within a 2.54% range, fluctuating between $4.78 and $4.90 from July 6 at 15:00 UTC to July 7 at 14:00 UTC.
- Strong resistance at $4.90 was tested twice during evening trading on July 6.
- The $4.80 support level was repeatedly validated as a solid base for price rebounds.
- Between 13:05 and 14:04 UTC on July 7, ICP advanced 0.62%, moving from $4.81 to $4.84, highlighting bullish momentum.
- A period of sideways movement occurred from 13:05 to 13:20 UTC, preceding a breakout starting at 13:21 UTC.
- A sharp rally between 13:57 and 13:59 UTC lifted ICP to $4.85, representing a nearly 2% jump.
- Volume spiked notably in two bursts: 66,623 ICP traded between 13:41 and 13:43, and 14,170 ICP between 13:57 and 13:58, indicating possible institutional interest.
