ICP Weakens as Selling Pressure Builds Near Critical Support

Internet Computer Protocol (ICP) drifted downward over the past 24 hours, shedding 2.35% to trade at $5.18.

The token moved within a $0.23 band between $5.14 and $5.40, reflecting a 4% swing that underscored the persistent volatility shaping current market conditions, according to CoinDesk Research’s technical analysis data model.

An advance to the resistance level of $5.40 was quickly met with distribution as ICP settled back toward its established support corridor around $5.17–$5.20. Trading saw substantial accumulation activity, with volumes surpassing 643,000 units at those levels.

ICP subsequently slipped to $5.19 with repeated resistance at $5.24 forming a descending channel pattern. Short bursts of activity, such as the 34,000-unit spike at 13:54 UTC, were unable to reverse the momentum, leaving the token consolidating at its lows.

ICP could remain under pressure if support at $5.17 fails to hold, which market participants will be observing for any rebound signals as institutional and retail traders reassess their positioning.

Technical Analysis

• Price range spanned $5.14–$5.40, a 4% variance across the 24-hour session.
• Resistance emerged at $5.40 on August 18 at 22:00 UTC with volume of 294,177 units.
• Support consolidated at $5.17-$5.20, with early morning volumes exceeding 643,000 units.
• Repeated resistance at $5.24 during late-session trading confirmed a descending channel.
• Heavy selling occurred between 13:32–13:46 UTC, with a 34,396-unit spike at 13:54 UTC.
• Volume showed a declining pattern, suggesting market exhaustion.

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