ICP Drops 5% as Crypto Market Rotates, Resistance Holds

Internet Computer (ICP) recorded a 5.35% pullback implicit the past 24 hours, dropping from $6.01 to $5.69 arsenic weakness acceptable successful among the broader altcoin market. ICP struggled to support bullish momentum, encountering steadfast absorption successful the $6.00–$6.10 portion that had capped aggregate breakout attempts.

The sharpest diminution came during the 13:00 UTC hr connected Thursday, erstwhile ICP slid to $5.62 from $5.97 successful conscionable a fewer minutes, driven by an outsized surge successful trading volume. Total regular turnover reached 2.58 cardinal tokens — astir 4 times the 24-hour mean — underscoring institutional-scale organisation pressure, according to CoinDesk Research's method investigation information model.

The broader marketplace showed akin dynamics, with altcoins specified arsenic SOL, AVAX and ADA pulling backmost amid profit-taking and regulatory developments. Analysts characterized the retracement arsenic a steadfast rotation pursuing President Donald Trump-related rallies and renewed attraction to stablecoin legislation. Despite idiosyncratic bullish catalysts, galore tokens failed to prolong upside traction, with traders reallocating superior and defending cardinal enactment zones.

Technical Analysis

• ICP dropped 5.35% from $6.01 to $5.69 betwixt July 22 and July 23.
• Intraday precocious of $6.14 and debased of $5.62 established a volatile $0.52 scope (8.4% spread).
• Price fell to $5.62 from $5.97 astatine 13:00 UTC connected July 23 amid 2.58 cardinal token volume.
• Volume during capitulation exceeded 100K per minute, astir 4× regular mean of 650K.
• Resistance confirmed astatine $6.00–$6.10 with aggregate failed breakout attempts.
• Critical enactment formed astatine $5.62 aft dense selloff during 13:40–13:51 UTC window.
• Market struggled to reclaim $5.83, with persistent selling connected insignificant rebounds.

Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.