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It was invested after testing the level of $ 5.75 in the early hours of August 11, succumbing to the sale pressure promoted by the Token at $ 5.43.
ICP seemed to be in a constant consolidation pattern between $ 5.65 and $ 5.67 before a rally drove the token to its $ 5.75 peak. However, the impulse vanished when sellers intervened long after 11:00 UTC. The negotiation volume increased to 965,595 units, almost twice the daily average of 487,064, as the distribution intensified around the $ 5.61 resistance zone, indicating the profits and institutional sale, according to the technical analysis data model of Coindesk Research.
Then, the buyers defended the support level of $ 5.44, which caused a rebound of $ 5.46 to $ 5.54. The increase was fed by an increase in volume to more than 75,000 units between 13:41 and 13:48, rather than quadruple the average per hour and aim at a possible institutional accumulation after mass sale.
Despite the recovery, ICP remains red at the time of writing. Even so, the strong defense of key support levels and rupture through short -term resistance zones hint, leaving the door open for bullish tracking if the purchase pressure persists.
Technical analysis
- The price range covered $ 0.31, marking a 5% differential between $ 5.75 high and $ 5.43 minimums.
- The lateral consolidation at $ 5.65– $ 5.67 preceded the break at $ 5.75.
- The investment after the leg accelerated after 11:00 UTC, led by a large sale.
- Peak volume to 965,595 eclipsed units 487,064 daily average.
- The resistance was formed to $ 5.61 during the maximum sales activity.
- The support remained firm at $ 5.44 before the rebound began.
- The recovery exceeded the resistance areas of $ 5.47 and $ 5.52.
- The volume reached 75,000 units, exceeding 18,500 average per hour.
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