ICP Tests High-Timeframe Support as Selling Pressure Increases
Internet Computer (ICP) is showing renewed weakness after a sharp rejection from a multi-month supply zone. The daily chart reflects a market struggling to build bullish structure, with price drifting back toward a key support region. The recent reversal signals that buyers continue to face strong resistance at higher levels.
Price Rejected From Critical Supply Zone
ICP briefly rallied toward the $9–$10 area before sellers stepped in aggressively. The long upper wick and immediate reversal highlight a strong institutional supply block. This rejection confirms that bulls failed to break the dominant bearish structure.
The market has since shifted back into a downward trajectory, creating new bearish confirmations as it moves away from the supply range.
Daily Structure Shows Persistent Downtrend
Market reveals a clear pattern of lower highs and lower lows over the last several months. Despite small rally attempts, ICP has been unable to maintain upward momentum. Repeated failures near resistance indicate that sellers remain in control of market direction.
Current candles show consolidation just above a critical support zone around the $3.50–$3.80 range, a level that has acted as a cushion in previous declines.
If buyers fail to defend the current support, ICP may slide toward the deeper liquidity zone near $2.70–$3.00. Conversely, a break above $4.50 would be the first sign of recovery, though strong resistance remains overhead.
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.