Internet Computer Drops After Testing Resistance but Maintains Leading Development Activity
Internet Computer (ICP) experienced a sharp pullback after reaching a resistance level of $5.76, falling to $5.59 amid renewed bearish pressure.
Over the past 24 hours, ICP’s price fluctuated between $5.28 and $5.76, marking an 8.3% intraday range, according to CoinDesk’s technical analysis. Buyers pushed the token near the top of this range before sellers took control, driving prices down on rising volume.
Following the peak at $5.76, the token declined over 42 minutes to $5.66, showing clear rejection at resistance. Earlier in the session, a rally from $5.28 to $5.72 was supported by strong volume, with 897,725 tokens traded—well above the daily average. Despite the initial surge, momentum waned as the token struggled to break through resistance.
Despite the price pullback, Internet Computer remains fundamentally strong. ICP leads all blockchain projects in GitHub development activity, surpassing competitors like Chainlink and Filecoin, according to Santiment’s latest data.
This development leadership highlights sustained ecosystem growth and the dedication of the development team, even as cautious market sentiment limits price advances. Analysts see the price decline as a result of technical resistance combined with broader market caution.
Technical Highlights
- Price ranged from $5.28 to $5.76, an 8.3% intraday movement
- Resistance at $5.76 capped upside momentum with a clear rejection
- Support confirmed at $5.28 amid early accumulation
- Heavy trading volume of 897,725 tokens during rebound from low
- Price declined from $5.76 to $5.66 over 42 minutes
- $5.66 established as near-term support
- Trading volume tapered off towards the session’s end, indicating a pause
