ICP Price Falls Toward Key Support Amid Heavy Selling
Internet Computer Protocol (ICP) price dipped 2.35% over the last 24 hours to $5.18, trading between $5.14 and $5.40. Volume spikes near the $5.24–$5.28 zone signalled heavy selling pressure, especially as the token tested its resistance at $5.40 and support at $5.17–$5.20. Technical analysis shows a descending channel pattern forming around the repeated $5.24 resistance. A 34,000-unit volume surge failed to reverse the downtrend, leaving ICP price consolidating at its lows. If the $5.17 support level breaks, market participants will watch for further downside. Traders should note the volume trends, which suggest market exhaustion and potential for increased volatility near key support. This price action underlines the importance of monitoring support and resistance when trading ICP.
Bearish
ICP price has struggled to hold its established support near $5.17–$5.20 amid rising volume spikes, indicating institutional distribution and retail selling pressure. The repeated failure to break above the $5.24 resistance and the formation of a descending channel suggest that bearish momentum is in control. Historically, similar breakdowns in key support have led to accelerated declines as traders rush to exit positions. In the short term, a breach of the $5.17 level could trigger further downside as stop-loss orders cascade and volatility spikes. Longer term, ICP’s fundamentals and blockchain performance rankings may offer a floor, but until clear buying interest returns, market sentiment remains cautious. This setup points to continued downward pressure, making the near-term outlook bearish.