ICP Rebounds from $5.29 Support as Institutions Buy
ICP traded in a volatile 5% range, dipping to $5.29 before rebounding to $5.52. Institutional buyers entered at the $5.32–$5.35 support zone, fueling the midday recovery. Trading volume peaked at 976,480 units, nearly double the daily average. Resistance at $5.63 capped further gains, triggering a short dip to $5.43 when the $5.48 support briefly broke. The token ultimately held above $5.44, reclaiming lost ground. This price action highlights growing institutional interest and market sensitivity around key support and resistance levels.
Bullish
The sharp rebound from the $5.29 support zone, driven by institutional buying, signals a bullish shift in trader sentiment. A nearly doubled trading volume at key levels underscores strong accumulation. While resistance at $5.63 capped gains in the short term, the ability to hold above $5.44 suggests sturdy demand. Similar support tests in other altcoins often precede sustained rallies when institutional flows are in play. In the near term, traders may view dips as buying opportunities. Over the longer term, repeated defenses of support could lay the groundwork for a broader uptrend.