ICP Price Drops to $5.43 After Testing $5.75 Resistance
Internet Computer (ICP) experienced a reversal after reaching $5.75 on August 11, dropping to $5.43 due to increased selling pressure.
Key points include:
- Consolidation occurred between $5.65 and $5.67 before the rally to $5.75.
- Heavy selling began post-11:00 UTC, with trading volume at 965,595 units, nearly double the daily average of 487,064.
- Resistance formed at $5.61 during peak selling, indicating profit-taking and institutional selling.
- Support held firm at $5.44, allowing a rebound from $5.46 to $5.54.
- Volume spiked to over 75,000 units, surpassing the hourly average of 18,500, suggesting potential institutional accumulation.
- Despite recovery, ICP remains below previous highs but shows resilience with support levels defended.