Internet Computer (ICP) Falls Below $5 on Surge in Trading Volume
Internet Computer (ICP) declined 5.6% to $4.81, slipping below the key $5.00 support level as high trading volume—98% above average—underscored selling pressure. The Internet Computer price touched $4.69 before intraday reversal attempts near the $4.70 support zone. Immediate resistance now sits at $4.75, with further resistance at $5.00. Elevated volume and repeated failures to reclaim $5.00 reinforce a bearish technical shift and short-term consolidation for ICP.
Bearish
The break below the $5.00 support, combined with a nearly doubled trading volume, indicates significant selling pressure and reinforces a bearish technical shift for Internet Computer. Historically, ICP has struggled to reclaim major thresholds after high-volume breakdowns, as seen during its March retreat from $6.50. This pattern suggests further downside risk in the short term, especially if support at $4.70 fails to hold. In the longer term, investors may wait for stabilization above key resistance levels before resuming bullish positions, potentially delaying any sustained recovery.