ICP struggles to hold momentum as sellers dominate near major resistance zones
Internet Computer (ICP) is facing a critical phase as price action consolidates around $4.86. The chart shows repeated rejections near the $5.60 resistance zone, while buyers continue to defend the $4.60 support area. Analysts say the next moves will determine whether ICP can stage a rebound or risk further downside pressure.
After a strong rally in July that pushed ICP above $6.40, momentum quickly faded. The token broke down from its rising channel, leading to a correction that tested successive support zones. Currently, ICP trades inside a narrow band between $4.60 and $5.20, reflecting uncertainty in market direction.
The $5.60 zone remains a major ceiling where sellers have consistently stepped in. On the other hand, the green support region around $4.60 has held firm, preventing deeper declines toward $4.20.
“ICP is at a decision point,” noted BITX market strategist. “The $4.60 support is absolutely crucial. If buyers manage to hold this level and push above $5.20, it could set the stage for a retest of $5.60.”
BITX analysts warned that downside risks remain: “Failure to defend the $4.60 area could accelerate losses toward $4.00. Volume trends suggest cautious participation, which means traders should not expect sharp breakouts without a catalyst.”
The volume profile indicates steady but subdued trading activity, signaling that investors are waiting for a breakout confirmation. The repeated rejection near $5.60 highlights strong selling pressure, while the persistence of higher reaction lows near $4.60 shows buyers are not entirely out of the picture.
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.