ICP Advances 2.8% as Trading Volumes Signal Strong Market Support
Internet Computer Protocol (ICP) gained 2.8% in the past 24 hours, outpacing the CoinDesk 20 index’s 1.9% rise, as strong trading volumes highlighted investor confidence despite broader volatility.
The token moved within a 5% range, trading between $4.60 and $4.84, CoinDesk Research data shows. The steepest drop came on Sept. 1 between 20:00 and 21:00 UTC, when ICP slid from $4.74 to $4.60. Volume surged to more than 827,000 units during the decline—over twice the daily average of 387,000—before buyers stepped in to defend the lower bound.
Following the selloff, ICP rebounded steadily, climbing back toward resistance near $4.83–$4.84. Activity intensified again during the recovery, with hourly turnover reaching as high as 26,000 units, far above the typical 5,500. Consolidation around $4.82 gave way to a breakout toward $4.84, signaling renewed bullish momentum.
Analysts note that ICP’s resilience at $4.60 strengthens the case for further upside, with Fibonacci extensions above $4.85 serving as potential targets if momentum persists.
Technical Highlights
- Price range: $4.60–$4.84 (5%).
- Largest decline: $4.74 → $4.60, with volumes of 827,105 and 684,909 units.
- Strong support confirmed at $4.60.
- Recovery pushed price to $4.84 by 10:00 UTC Tuesday.
- Resistance seen at $4.84, validated by high-volume breakouts.
- Hourly turnover consistently exceeded the 5,500-unit average.
- Setup points to scope for higher resistance tests.
