ICP Advances 2.8% as Buying Interest Revives
Internet Computer Protocol (ICP) displayed resilience during the last 24 hours, rising 2.8 percent while the broader CoinDesk 20 index added just 1.9 percent.
The token fluctuated across a $0.24 band, equal to a 5% swing, moving between $4.60 and $4.84, according to CoinDesk Research's technical analysis data model.
The most severe decline occurred between 20:00 and 21:00 UTC on Sept. 1, when ICP slid from $4.74 to $4.60 as trading volume surged to more than 827,000 units, well above the 24-hour average of 387,000. The lower price turned into a support level, attracting more buying interest.
Following the dip, ICP entered a recovery phase, climbing back toward resistance levels around $4.83-$4.84. Trading volume topped 26,000 units at key intervals, far surpassing the hourly average of 5,500.
Price action confirmed a breakout configuration, with consolidation in the $4.82-$4.83 band giving way to a rapid push toward $4.84.
ICP’s ability to attract sustained buyer interest at support levels may strengthen the case for continued bullish momentum, with potential upside targets emerging at Fibonacci extensions above $4.85.
Technical Analysis
- ICP traded within a $0.24 corridor (5% range) between $4.60 and $4.84.
- Heavy selling at $4.74–$4.60 on Monday produced volume spikes of 827,105 and 684,909 units.
- Support firmly established at $4.60 with strong buying interest.
- Price recovered steadily to $4.84 by 10:00 UTC on Tuesday.
- Resistance identified at $4.84.
- Breakout confirmed by volume surges of 26,939 and 17,946 units.
- Average hourly turnover of 5,500 was significantly exceeded during the recovery.
- Pattern suggests continued momentum with potential to retest higher resistance levels.
