ICP Retreats From $5.75 High Amid Heavy Distribution

Internet Computer (ICP) reversed after investigating the $5.75 level successful the aboriginal hours of Aug. 11, succumbing to selling unit that drove the token down to $5.43.

ICP appeared to beryllium successful a dependable consolidation signifier betwixt $5.65 and $5.67 earlier a rally propelled the token to its $5.75 peak. However, the momentum faded arsenic sellers stepped successful heavy aft 11:00 UTC. Trading measurement surged to 965,595 units — astir treble the regular mean of 487,064 — arsenic organisation intensified astir the $5.61 absorption zone, indicating profit-taking and organization selling, according to CoinDesk Research's method investigation information model.

Buyers past defended the $5.44 enactment level, triggering a rebound from $5.46 to $5.54. The ascent was fueled by a measurement spike to implicit 75,000 units betwixt 13:41 and 13:48, much than quadrupling the hourly mean and pointing to imaginable organization accumulation aft the sell-off.

Despite the recovery, ICP remains successful the reddish astatine the clip of writing. Still, the beardown defence of cardinal enactment levels and the breakout done short-term absorption zones hint astatine resilience, leaving the doorway unfastened for bullish follow-through if buying unit persists.

Technical Analysis

• Price scope spanned $0.31, marking a 5% dispersed betwixt $5.75 precocious and $5.43 low.
• Sideways consolidation astatine $5.65–$5.67 preceded the breakout to $5.75.
• Post-peak reversal accelerated aft 11:00 UTC, led by dense selling.
• Volume spike to 965,595 units dwarfed 487,064 regular average.
• Resistance formed astatine $5.61 during highest selling activity.
• Support held steadfast astatine $5.44 earlier rebound began.
• Recovery pushed done $5.47 and $5.52 absorption zones.
• Volume reached 75,000 units, topping 18,500 hourly average.

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