ICP Peaks at $6.08 Before Decline Amid Security Incident
Internet Computer Protocol (ICP) experienced volatility in the last 24 hours, rising from $5.84 to a high of $6.08 before facing selling pressure.
- The price moved within a $0.28 range, indicating strong buying interest and profit-taking.
- Early momentum allowed ICP to break multiple resistance levels, peaking at $6.08 around 03:00 UTC on August 14.
- Increased trading volume at these highs suggested institutional selling, establishing a resistance zone between $6.06 and $6.08.
- Support formed in the $5.87–$5.90 range, where buyers absorbed supply.
- Following this, ICP traded in a narrow band of $0.04 between $5.88 and $5.92, signaling a consolidation phase.
- Market sentiment was impacted by a security incident at Bitcoin-based memecoin platform Odin.fun, which lost 58.2 BTC due to an exploit and prompted scrutiny of Internet Computer's security framework.