ICP Sinks Below Crucial Support as Bearish Momentum Builds
Internet Computer Protocol’s (ICP) token faced renewed downward pressure on Tuesday, falling nearly 5% amid a surge in sell-side volume and a decisive break of a key support level.
Over the past 24 hours, ICP declined from $5.66 to $5.39, marking a 4.77% drop. The token traded in a $0.33 range between $5.68 and $5.35, reflecting intraday volatility of 5.3%, according to CoinDesk’s technical data.
The steepest move occurred during the European session, when ICP breached the critical $5.55 support level. Trading volume spiked to 647,663 contracts—well above the daily average of 356,394—underscoring intensified selling pressure and a shift in short-term market structure.
Although the price briefly stabilized near $5.38 later in the session, bullish momentum failed to gain traction. Between 07:06 and 08:05 UTC on July 30, ICP dropped a further 0.92%, slipping from $5.44 to $5.39 in choppy trade. Repeated tests of the $5.38 zone during the 07:40–07:55 period signaled a lack of conviction from buyers.
This price weakness comes despite ongoing developments within the Internet Computer ecosystem. The recent release of Internet Computer 2.0—introducing low-code tools powered by natural language prompts—marks a significant step forward in accessibility. However, the update has yet to reflect in market sentiment or price action.
Technical Summary:
- 24-Hour Price Decline: -4.77% from $5.66 to $5.39
- Daily Range: $5.68 (high) to $5.35 (low), 5.3% volatility
- Breakdown Volume: 647,663 contracts during $5.55 breach
- Support Test: $5.38 probed multiple times with no sustained recovery
- Resistance Level: $5.44 forming short-term cap on upside
- Consolidation Range: $5.38–$5.44 as directional momentum stalls
While fundamental progress continues, short-term technicals suggest further downside risk unless key levels are reclaimed with meaningful volume.
