Internet Computer (ICP) is showing resilience after a sharp 7% move that aligned with a broader cryptocurrency market rally. The altcoin climbed from $5.28 to a high of $5.66 before settling into a consolidation phase above key support levels.
ICP Price Surges With Altcoin Momentum
Over the 24-hour period between July 15 at 15:00 UTC and July 16 at 14:00 UTC, ICP gained 7%, fueled by increased interest in altcoins as Bitcoin and Ethereum led a fresh market-wide breakout. The price action saw ICP peak at $5.66 before entering a tight consolidation range.
The token stabilized between $5.50 and $5.58, holding gains and attracting renewed buyer interest near the $5.52 mark.
Volume Confirms Strong Participation
Trading volume during the rally exceeded 964,000 units, signaling that both retail and institutional participants were active. A final-hour rebound from $5.50 to $5.53 on 19.8K+ volume showed continued demand and reinforced market confidence.
Support is clearly forming near $5.52, a level defended consistently throughout the day.
Technical Analysis: Resistance and Support Levels
Technical indicators suggest short-term resistance between $5.64 and $5.66. The price was rejected twice from this range, pointing to potential exhaustion. However, the market structure remains bullish as long as ICP stays above the $5.50 level.
Key Technical Insights:
- ICP gained 7%, rising from $5.28 to $5.66.
- Price fluctuated within a $0.39 range during the move.
- Resistance held at $5.64–$5.66 with multiple rejections.
- Support formed at $5.52, consistently attracting buyers.
- Consolidation range: $5.50–$5.58.
- Final rebound volume: 19.8K+, ending session at $5.5354.
What’s Next for ICP?
If bullish sentiment across the broader crypto space continues, ICP may retest the $5.60–$5.66 resistance zone. A successful breakout above this level could open the door to further upside, especially given ICP’s position as a leading Layer 1 project in the decentralized computing space.
Holding above $5.50 is key to maintaining bullish momentum in the short term.
Conclusion
ICP’s price action reflects growing investor confidence in altcoins, with strong support levels and healthy trading volume backing its current range. While the short-term outlook hinges on broader market sentiment, the technical structure favors continuation if buying pressure persists.
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.