Internet Computer Dips Below $6 as Altcoin Market Faces Renewed Pressure
Internet Computer (ICP) slipped 4.85% on Tuesday to $5.91, extending losses as selling pressure intensified across the altcoin sector. The token fell to an intraday low of $5.81 after opening at $6.22, despite a major ecosystem partnership announcement.
The DFINITY Foundation unveiled a collaboration with Maestro, an indexing firm backed by DFINITY, to launch a Bitcoin metaprotocol index on Internet Computer. The index is aimed at offering institutional exposure to emerging Bitcoin-native primitives like Ordinals and Runes. However, the news failed to spark sustained bullish momentum as broader market sentiment remained risk-averse.
Technical action showed early weakness, with ICP breaching the $6.00 level around 01:00 UTC. Trading volume surged past 1.3 million tokens during this move, underscoring the intensity of liquidation pressure.
Between 13:09 and 14:08 UTC, ICP dropped an additional 2%, falling from $5.97 to $5.87 amid sustained sell volume exceeding 50K tokens per minute. A short-lived bounce to $6.02 was rejected, reinforcing $6.00 as near-term resistance and confirming bearish dominance unless that level is convincingly reclaimed.
Technical Snapshot:
- Intraday Range: $5.81 – $6.25 (7.3% spread)
- Volume: 1.94 million tokens, peaking during breakdowns
- Resistance: Rejection at $6.00–$6.02 blocks recovery attempts
- Support: $5.83–$5.87 area attracts buying interest
- Volatility: $0.44 daily range reflects elevated market instability
- Key Down Move: 2% hourly drop on above-average sell volume
While ecosystem developments continue to advance, ICP’s short-term trend remains bearish in the face of broader altcoin rotation. A firm breakout above $6.00 is needed to regain technical strength.
