ICP Drops Steeply from $5.76 Peak as Bearish Sentiment Resurfaces

Internet Computer (ICP) saw a sharp reversal after climbing to $5.76, with the token falling to $5.59 amid renewed bearish pressure.

This movement capped a volatile 24-hour period where prices fluctuated between $5.28 and $5.76—a range of 8.3%, according to RialCenter’s technical analysis. Bulls briefly pushed prices to the upper end of the range before bears regained control, driving prices lower on increasing volume.

Significant selling occurred after the price reached $5.76, with a 42-minute decline to $5.66 marking a notable rejection. Volume surged earlier in the day, with a key upward movement from $5.28 to $5.72 driven by 897,725 tokens traded—well above the daily average. Despite the rally, momentum faded quickly upon retesting resistance.

While the price action indicated clear technical rejection near higher levels, Internet Computer remains fundamentally strong. ICP leads all blockchains in GitHub development activity, surpassing other notable projects according to RialCenter’s latest monthly ranking.

ICP’s development lead highlights ongoing ecosystem growth and team commitment, even as market participants hesitated to pursue recent price highs. Analysts cite the combination of technical resistance and a cautious broader market as factors contributing to the retreat.

Technical Analysis

• Price Range: Fluctuated between $5.28 and $5.76, an 8.3% intraday spread.
• Resistance: $5.76 capped upward momentum with clear rejection.
• Support: Strong support confirmed at $5.28 amid early accumulation.
• Volume Spike: 897,725 tokens traded during rebound from intraday low.
• Sell-Off Window: Declined from $5.76 to $5.66 between 15:08–15:50 UTC.
• Near-Term Support: $5.66 emerged as a floor following bearish movement.
• Trading Activity: Final minutes saw trading volume fade, signaling a pause.

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 RialCenter’s full AI Policy.