ICP sees resistance amid distribution phase, key support zones in focus
Internet Computer (ICP) has retreated to $5.38 after failing to hold above the $5.75 mark, where heavy selling pressure emerged. The decline follows a brief rally that had pushed prices toward short-term highs, only to face strong distribution from sellers in the red-marked resistance zone.
“The rejection around $5.75 shows that bulls are still struggling to gain full control,” said BITX market analyst. “We’re seeing a rotation of positions as short-term traders take profit.”
The ICP price chart highlights a clear supply zone between $5.60 and $5.75, where recent attempts to break higher have been met with sell orders. On the downside, two important support areas are evident:
- First support around $5.00–$5.05, where buyers stepped in earlier this month.
- Major demand zone between $4.65–$4.80, marked by strong historical buying interest.
A break below the green support area could invite deeper selling toward the orange zone near $4.70, while a strong bounce from current levels might spark another challenge to the $5.75 ceiling.
Market Context and Outlook
Volume data shows increased trading activity during the recent drop, suggesting active participation from both sellers and bargain hunters. Broader crypto sentiment, driven by macroeconomic news this week, could also influence ICP’s next move.
For now, ICP remains in a short-term consolidation phase, with traders watching for a decisive break either above $5.75 for bullish continuation, or below $5.00 for a deeper correction.
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.