ICP Holds $4.8 Support Amid 3.4% Volatility
ICP traded between $4.77 and $4.94 over 24 hours, marking a 3.4% range. A surge in trading volume above 600,000 units—nearly double the daily average—indicated institutional participation during the midnight rally to $4.94. Selling pressure then pushed ICP down to $4.78, confirming support at $4.77 and establishing resistance at $4.93–$4.94. A subsequent recovery lift saw a 1% gain back to $4.83. The broader CoinDesk 20 Index also showed volatility but failed to sustain momentum, highlighting ongoing market strain. Technical analysis points to an uptrend channel formed by breaks at $4.79, $4.80 and $4.82, suggesting ICP’s consolidation around key levels.
Neutral
The news is neutral for traders. ICP’s ability to defend the $4.77 support and form an uptrend channel suggests consolidation rather than a clear breakout. High trading volumes indicate genuine institutional interest, which can stabilize price action. However, failed attempts to breach the $4.94 resistance signal balanced buying and selling. Similar past episodes—such as ICP’s March 2025 consolidation—led to range-bound trading before a decisive move. In the short term, expect continued oscillation between support and resistance. Long-term direction will depend on whether ICP can attract sustained volume to break above the $4.94–$5.00 zone or if broader market weakness pushes it back toward lower supports.