ICP Faces Rejection Near $6.02 as Bulls Struggle to Hold Gains
The price of Internet Computer (ICP) saw a sharp rejection after testing the $6.016 resistance zone, pulling back toward the mid-$5 range. Despite a strong rally earlier this week, momentum appears to be cooling, with sellers stepping in at a critical technical barrier.
Over the past month, ICP has staged a recovery from its late-July lows near $4.50. The bullish move accelerated once the price broke above the descending channel pattern, which had capped gains for several weeks. However, the latest pullback signals that $6.016 remains a major supply zone that buyers need to clear for further upside.
According to BITX , “The rejection at $6.02 was expected, given the previous multiple rejections at this level. For the uptrend to continue, we need to see a strong breakout backed by volume.”
On the downside, immediate support lies between $5.40 and $5.50, an area that has recently acted as a short-term demand zone. Below that, a deeper retracement could test the $4.85–$4.95 range, which aligns with the previous consolidation base seen in early August. The $4.50 level remains a long-term floor that has held during recent market volatility.
Volume analysis shows a noticeable spike during the breakout above $5.40, suggesting active buying interest. However, the latest drop was also accompanied by above-average selling volume, indicating short-term profit-taking.
Market strategist Elena Brooks commented, “We’re at a point where ICP’s next move will be determined by whether buyers can defend the $5.40 zone. If that holds, we could see another attempt to break $6.02. Failure could drag the price back toward the mid-$4 range.”
In the near term, traders will be closely watching whether bullish momentum can be restored or if the rejection marks the start of a broader correction. For investors, maintaining above $5.40 will be crucial in keeping the bullish structure intact.
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.