ICP Token Increases 5% Following Burn and New Development Tools
Internet Computer Protocol's native token, ICP, increased 5% to $5.57 in the last 24 hours, driven by technical strength and fundamental upgrades.
Key points include:
- Price fluctuated within a $0.36 range with strong support at $5.21 during a volume spike to 1.43 million tokens, over three times the average.
- Resistance capped gains around $5.58 after forming a bullish channel with ascending lows.
- DFINITY launched Internet Computer 2.0, facilitating application development for non-technical users.
- Over 1 million ICP tokens have been burned in five months, indicating commitment to value optimization.
- Institutional interest is rising due to AI-enhanced utility and deflationary supply dynamics.
Technical Analysis
- $5.21 confirmed as key support with 1.53 million tokens traded during recovery.
- $5.58 served as session top and resistance barrier.
- Ascending lows from $5.21 to $5.50 indicate robust bullish trend.
- Institutional accumulation observed with significant volume spikes.
- 0.18% rise from $5.56 to $5.57 during 09:05–10:04 UTC shows consolidation at high levels.