Internet Computer Protocol’s native token ICP declined 4.77% over the past 24 hours, slipping from $5.66 to $5.39 as sellers overwhelmed buyers during a period of intensified downward pressure.
The asset traded within a $0.33 range between $5.68 and $5.35, reflecting 5.3% volatility, according to CoinDesk’s technical analysis data model.
The most decisive breakdown occurred between the early European morning and mid-afternoon on Tuesday, when the token breached the crucial $5.55 support level amid a surge of volume to 647,663 contracts, well above the daily average of 356,394.
Despite a brief stabilization phase near $5.38 toward the end of the window, recovery momentum failed to materialize. From 07:06 to 08:05 on July 30, ICP pulled back 0.92%, falling from $5.44 to $5.39 in choppy trade. Repeated tests of the $5.38 support level occurred during the 07:40–07:55 window, highlighting ongoing bearish control over short-term price action.
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ICP’s weakness comes even as the DFINITY Foundation advances ecosystem development. The launch of Internet Computer 2.0, which introduces tools for creating applications using natural language prompts without coding experience, reflects the network’s continued push toward usability and developer accessibility.
However, these long-term innovations have yet to translate into sustained bullish price action.
Technical Analysis Highlights
- Price declined 4.77% from $5.66 to $5.39 between July 29 at 09:00 and July 30 at 08:00 UTC.
- Trading range spanned $0.33 (5.3%) from high of $5.68 to low of $5.35.
- Major breakdown occurred at $5.55 with volume surging to 647,663 contracts.
- Support at $5.38 tested multiple times during early July 30 trading window.
- Resistance formed at $5.44 amid declining volume and fading upward momentum.
- Consolidation range observed between $5.38 and $5.44 as price action flattened.
** Disclaimer:** Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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