Internet Computer (ICP) fell after hitting a high of $5.75, showing signs of selling pressure and market volatility.
- ICP dropped to $5.43 after a brief rally to $5.75.
- Trading volume nearly doubled, showing strong sell interest.
- Buyers returned near $5.44, helping ICP recover slightly.
ICP Jumps, Then Falls Fast
On August 11, Internet Computer (ICP) traded in a tight range near $5.65. A short rally pushed it to $5.75, its daily high. But the rise was short-lived. After 11:00 UTC, sellers heavily entered the market. The price dropped quickly to $5.43, a 5% fall from the high.
Why It Fell
The drop was tied to strong selling pressure. Volume surged to nearly 965,595 ICP tokens, almost twice the daily average of 487,064. A key resistance level formed around $5.61, where many investors likely chose to sell and take profits.
Support Holds, Some Buyers Return
Despite the sharp fall, ICP didn’t crash further. Buyers stepped in at the $5.44 support level. From there, the price rebounded to $5.54. During this period, trading volume spiked again. Between 13:41 and 13:48 UTC, over 75,000 units were traded — four times the normal hourly volume. This suggests some investors, possibly institutions, saw value and bought back in.
Outlook Remains Uncertain
Even with a recovery, ICP is still down from its peak. However, strong defense at support zones and a move through short-term resistance levels at $5.47 and $5.52 suggest the token is still holding ground. If more buyers come in, ICP could continue to climb. But if selling resumes, the price may drop again.
Source: coindesk.com
