Internet computer protocol (ICP) Derived downwards in the last 24 hours, losing 2.35% to negotiate $ 5.18.
The token moved into a strip of $ 0.23 between $ 5.14 and $ 5.40, reflecting a 4% swing which stressed the persistent volatility shaping the current market conditions, according to the Technical Analysis Data model of Coindesk Research.
An advance towards the level of resistance of $ 5.40 was quickly reached the distribution while the ICP recovered towards its support corridor established around $ 5.17 at $ 5.20. Trading has experienced substantial accumulation activity, volumes exceeding 643,000 units at these levels.
ICP then slipped to $ 5.19 with a repeated resistance to $ 5.24 forming a descending channel pattern. Short gusts of activity, such as the point of 34,000 units at 13:54 UTC, could not reverse the momentum, leaving the consolidation of the token in its stockings.
ICP could remain under pressure if the support of $ 5.17 does not hold, which market players will observe any rebound signal while institutional and detail traders re -evaluate their positioning.
Technical analysis
- The price range lasted $ 5.14 at $ 5.40, a variance of 4% on the 24 -hour session.
- The resistance appeared at $ 5.40 on August 18 at 10:00 p.m. UTC with a volume of 294,177 units.
- Consolidated support at $ 5.17 at $ 5.20, with volumes early in the morning exceeding 643,000 units.
- Repeated resistance at $ 5.24 at the end of the session confirmed a descending channel.
- Heavy sales occurred between 13: 32–13: 46 UTC, with a touch of 34,396 units at 13:54 UTC.
- The volume has shown a declining scheme, suggesting market exhaustion.
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