Internet Computer (ICP) Rebounds After Intraday Low
Internet Computer (ICP) showed resilience during a volatile trading session, bouncing from an intraday low of $4.78 and recovering toward $4.85 before settling just below key support. Despite closing the day 0.98% lower, the token’s price action signals renewed buying interest near critical support zones.
The $4.80 support level held firm through multiple tests, confirming it as a key pivot for short-term momentum.
Price Action: Bounces Confirm Bullish Bias
Between July 6 at 15:00 UTC and July 7 at 14:00 UTC, ICP traded in a 2.54% range, fluctuating between $4.78 and $4.90. The upper boundary at $4.90 served as strong resistance, tested twice but not breached, while $4.80 acted as a solid base for upward moves.
Repeated bounces at $4.80 confirmed trader confidence in that level, providing technical validation amid broader uncertainty.
Technical Breakout: Short-Term Bullish Signs
- At 13:05 UTC on July 7, ICP consolidated between $4.81–$4.82 before staging a mini breakout.
- By 13:59 UTC, the token touched $4.85, marking a 1.87% rally from earlier lows.
- Trading volume spiked during two key intervals:
- 13:41–13:43 UTC: 66,623 ICP
- 13:57–13:58 UTC: 14,170 ICP
These volume bursts may suggest institutional interest or large-scale accumulation, reinforcing bullish sentiment.
Market Context: Bitcoin Recovery Boosts Confidence
While macro uncertainty and geopolitical factors continue to unsettle financial markets, Bitcoin’s rebound to $109,000 early in the Asian session contributed to increased trading volumes across multiple digital assets, including ICP.
Despite low volatility in ICP’s price, the inflow of volume during support tests indicates hidden strength beneath the surface.
Outlook: Consolidation Before Potential Breakout?
If ICP continues to respect the $4.80 support zone, further upward movement could emerge, especially if sentiment across the broader crypto market improves. The next upside target lies at the $4.90–$5.00 resistance band, a zone that has historically capped gains.
Traders will be watching for a clean breakout above $4.90 to signal the start of a stronger upward trend.
Conclusion
With key support levels validated and buying volume increasing at critical junctures, ICP appears to be positioning for a bullish continuation, assuming favorable market conditions persist. For now, the $4.80 level remains the technical anchor, defining the short-term battle between bulls and bears.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.