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Reverse After testing the $ 5.75 level in the early hours of August 11give up on sale of pressure drive token up to $ 5.43.
The ICP appeared to be in a solid integration pattern -including between $ 5.65 and $ 5.67 before a rally pushed the token to $ 5.75 climax. However, the momentum faded as the sellers stepped up too much after 11:00 UTC. Trade volume advanced to 965,595 units-a hurry double the daily average of 487,064-as the distribution increased around the $ 5.61 zone resistance, indicating the acquisition of institutional income and sale, according to the technical review model of technical research data.
Consumers then defended the $ 5.44 support level, which triggered a rebound from $ 5.46 to $ 5.54. The ascent was fueled by a spike volume to more than 75,000 units between 13:41 and 13:48, more than quadrupling the hourly average and pointing to the potential accumulation of institutional after sale.
Despite recovery, the ICP remains in red at the time of writing. However, the strong defense of the basic support levels and the breakout through short-term resistance to resistance zones, leaving the open door for follow-through if the purchase of pressure continues.
Technical analysis
- Price ranges cut $ 0.31, marking 5% spread between $ 5.75 high and $ 5.43 low.
- Sideways consolidation at $ 5.65- $ 5.67 preceded the breakout at $ 5.75.
- Post-peak reversal accelerated after 11:00 UTC, led by heavy sales.
- Spike volume up to 965,595 units dwarfed 487,064 days average.
- The resistance was formed at $ 5.61 during the climax activity.
- The support will be held firm for $ 5.44 before the rebound starts.
- Recovery has pushed through $ 5.47 and $ 5.52 resistance zones.
- The volume reaches 75,000 units, leading to 18,500 hours average.
Denial: Parts of this article were formed with assistance from AI tools and our editorial team reviewed to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s entire AI policy.
