ICP Retreats From $5.75 High Amid Heavy Distribution
Main Idea
ICP experienced a sharp price reversal from $5.75 to $5.43 amid heavy selling volume, followed by a partial recovery, indicating significant market volatility and trading activity.
Key Points
1. ICP fell from $5.75 to $5.43 in a 5% swing before staging a partial recovery.
2. Selling volume surged to 965,595 units, nearly double the 24-hour average of 487,064.
3. Buyers defended the $5.44 support level, triggering a rebound from $5.46 to $5.54.
4. Price range spanned $0.31, marking a 5% spread between the $5.75 high and $5.43 low.
5. Resistance formed at $5.61 during peak selling activity, while support held firm at $5.44.
Description
Internet Computer (ICP) reversed after testing the $5.75 level in the early hours of Aug. 11 , succumbing to selling pressure that drove the token down to $5.43. ICP appeared to be in a steady consolidation pattern between $5.65 and $5.67 before a rally propelled the token to its $5.75 peak. However, the momentum faded as sellers stepped in heavily after 11:00 UTC. Trading volume surged to 965,595 units — almost double the daily average of 487,064 — as distribution intensified around the $5.61 r...
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