Internet Computer Protocol (ICP) demonstrated significant volatility in the past 24 hours, oscillating between $4.77 and $4.94. This fluctuating price action indicated intense buying and selling pressures, ultimately leading to a stabilization around the $4.80 mark.
The most notable movement occurred just past midnight, as ICP surged to a peak of $4.94. This spike in price was accompanied by a dramatic increase in trading volume, surpassing 600,000 units between 14:00 and 16:00 UTC, nearly doubling the daily trading average, according to technical analysis from CoinDesk Research. However, this surge was short-lived, with the price retreating to $4.78 during the European morning hours. The sustained trading volumes throughout this correction signaled more than just a typical profit-taking scenario; they pointed towards considerable distribution pressure, establishing resistance in the $4.93-$4.94 range.
The overall cryptocurrency market reflected similar tumultuous trends. The CoinDesk 20 Index, which gauges the performance of various digital assets, also registered a volatile decline during this timeframe, fluctuating within a 3% range. Despite trading volumes exceeding 400,000 units at critical intervals, the index struggled to maintain its upward momentum. This deterioration underscores ongoing challenges within the digital asset market, even as notable tokens like ICP manage to hold their essential support levels.
From a technical perspective, ICP traded within a 17-cent range, equivalent to a 3.4% movement, peaking at $4.94 before reversing course. The volume spikes recorded during the key time slots highlighted active market participation. The resistance level was firmly established between $4.93 and $4.94 due to heavy selling. In contrast, support was reaffirmed at $4.77 following sharper corrections. There was a minor recovery from $4.78 to $4.83, yielding a 1% gain, with buying volume exceeding 25,000 units recorded at 08:10 UTC during the upward movement. This phase saw successive breaks through resistance levels at $4.79, $4.80, and $4.82, forming a nascent uptrend channel.
