ICP Pushes Toward $5.50 After Heavy Volatility and Volume Breakouts

However, intense selling pressure set in shortly after the peak, driving prices downward in a rapid reversal. During the hour ending at 16:05 UTC on July 14, the token dipped 1% to $5.45, decisively breaking through the $5.48 support threshold. A volume spike near 50,000 units during the 15:48-15:49 UTC interval further confirmed heightened bearish activity.

Despite the pullback, ICP has found near-term stability in a lower trading channel between $5.44 and $5.46.

Technical Analysis Highlights

• ICP traded within a $0.28 range from $5.40 (low) to $5.68 (high), marking a 5% intraday spread.
• Price spiked from $5.47 to $5.68 between 02:00–05:00 UTC on July 14, amid 800K+ volume.
• Resistance hardened near $5.67–$5.68, curbing bullish continuation attempts.
• Final-hour decline from $5.50 to $5.45 showed a swift 1% retreat from 15:06–16:05 UTC.
• Key support at $5.48 was broken on high volume, signaling potential bearish continuation.
• Notable sell-off occurred between 15:48–15:49 UTC with nearly 50K units traded.
• Consolidation range has formed between $5.44–$5.46 as of July 14 at 16:35 UTC.