ICP Falls Nearly 5% as Sellers Breach Key Support Level
The native token of Internet Computer Protocol (ICP) came under renewed pressure on Tuesday, falling 4.77% over the past 24 hours as it slipped from $5.66 to $5.39. The decline was triggered by a high-volume breakdown below the critical $5.55 support level, reinforcing bearish sentiment across the market.
ICP traded in a tight range between $5.68 and $5.35, showing 5.3% intraday volatility. The most significant drop occurred during early European hours, when trading volume spiked to 647,663 contracts—well above the daily average of 356,394—confirming strong selling momentum.
Despite brief consolidation around $5.38 later in the session, the token struggled to recover. Between 07:06 and 08:05 UTC on July 30, ICP fell another 0.92%, from $5.44 to $5.39. Multiple retests of the $5.38 level during that period emphasized the market’s bearish bias.
The price weakness comes despite continued development progress from the DFINITY Foundation. The recent rollout of Internet Computer 2.0—which allows developers to create applications using natural language prompts without coding—marks a step forward for the protocol’s accessibility and long-term vision. However, these advancements have yet to support a sustained uptrend in ICP’s price.
Key Technical Highlights:
- ICP dropped 4.77% from $5.66 to $5.39 between July 29 and July 30 (UTC).
- Intraday price ranged between $5.68 and $5.35.
- Volume surged as ICP breached the $5.55 support level.
- $5.38 was tested repeatedly but held as tentative short-term support.
- Resistance now forming around $5.44, where upward momentum is fading.
- Consolidation pattern developing between $5.38 and $5.44.
The current price action suggests bears remain in control, with a recovery dependent on a strong reclaim of resistance levels and broader market support.
