ICP Price Action Suggests Trend Reversal With Strong Volume Backing
Internet Computer (ICP) is showing renewed strength after defending a critical support zone and surging with notable volume in recent sessions. The digital asset climbed back above the $5.30 level, following a bounce from the $4.85–$4.95 accumulation area, signaling the potential beginning of a sustained upward trend.
The 4-hour chart reveals a clear breakout from a steep descending trendline, formed during the mid-June selloff. After testing and consolidating near the broader support block around $4.70, price action turned sharply bullish, aided by a visible rise in trading volume.
“Volume confirms intent,” commented a professional trader. “When a move like this occurs with rising volume, especially near established support, it typically hints at a shift in market control from sellers to buyers.”
The key challenge ahead lies in the resistance zone between $5.50 and $5.60, which previously acted as a rejection point during late July. A successful close above this red-marked zone on strong volume could pave the way for a rally toward $6.00 and higher.
Traders are now watching for confirmation signals such as consolidation above $5.35 or another volume surge on retest. On the downside, the green support region ($4.95–$5.05) must hold to maintain this bullish structure. Failure to do so could invalidate the breakout and trigger a return toward the golden support zone near $4.60.
“As long as the price holds above $5.00, the bulls are in control,” noted another chart analyst. “This kind of recovery, backed by volume, often leads to sustained momentum.”
With broader market confidence improving, ICP’s technical posture looks increasingly favorable. The bullish move appears driven not just by speculation but by defensive positioning around a key demand area, followed by aggressive follow-through — a classic setup for trend reversal.
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.