Internet Computer Protocol (ICP) drifted downward over the past 24 hours, shedding 2.35% to trade at $5.18.
The token moved within a $0.23 band between $5.14 and $5.40, reflecting a 4% swing that underscored the persistent volatility shaping current market conditions, according to CoinDesk Research’s technical analysis data model.
An advance to the resistance level of $5.40 was quickly met with distribution as ICP settled back toward its established support corridor around $5.17–$5.20. Trading saw substantial accumulation activity, with volumes surpassing 643,000 units at those levels.
ICP subsequently slipped to $5.19 with repeated resistance at $5.24 forming a descending channel pattern. Short bursts of activity, such as the 34,000-unit spike at 13:54 UTC, were unable to reverse the momentum, leaving the token consolidating at its lows.
ICP could remain under pressure if support at $5.17 fails to hold, which market participants will be observing for any rebound signals as institutional and retail traders reassess their positioning.
Technical Analysis
- Price range spanned $5.14–$5.40, a 4% variance across the 24-hour session.
- Resistance emerged at $5.40 on August 18 at 22:00 UTC with volume of 294,177 units.
- Support consolidated at $5.17-$5.20, with early morning volumes exceeding 643,000 units.
- Repeated resistance at $5.24 during late-session trading confirmed a descending channel.
- Heavy selling occurred between 13:32–13:46 UTC, with a 34,396-unit spike at 13:54 UTC.
- Volume showed a declining pattern, suggesting market exhaustion.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
