ICP Falls 2.4% Despite Bullish Reversal From Sub-$5 Levels
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Internet Computer recovers from intraday lows as buyers defend critical support
Internet Computer (ICP) fell 2.4% in volatile trading but managed to post a mild rebound from its intraday low of $4.97. The asset currently trades near $5.08, showing signs of short-term consolidation after testing a significant support zone between $4.90 and $5.00.
Price action shows ICP recently broke down from a short-term lower high structure, leading to a test of the green demand zone. This region previously acted as a springboard for upward momentum in mid-July and is now providing a technical base once again.
“The bounce from just under $5 came on higher-than-average volume, which is often a sign of absorption by long-position traders,” said BITX market structure analyst tracking layer-1 tokens.
ICP had surged above $6.30 in late July before entering a descending correction pattern, now visible as a consolidation between defined resistance near $5.30–$5.40 and the aforementioned support. The red zone overhead remains a critical resistance area — one that bulls need to reclaim to restore momentum.
“Until price cleanly breaks back above $5.40 with conviction, ICP will likely remain in a sideways range,” commented BITX crypto derivatives strategist. “But the $4.90 zone has proven to be structurally important support.”
Volume metrics indicate a mild uptick in trading activity, supporting the thesis of a temporary bottom. However, further confirmation is needed through a bullish breakout above resistance to signal trend continuation.
The broader crypto market’s mixed signals may weigh on ICP’s trajectory in the coming days. For now, ICP remains pinned between well-defined technical levels, with traders watching closely for a decisive move.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
