ICP Retreats From $5.75 High Amid Heavy Distribution

Internet Computer (ICP) reversed after testing the $5.75 level in the early hours of Aug. 11 , succumbing to selling pressure that drove the token down to $5.43. ICP appeared to be in a steady consolidation pattern between $5.65 and $5.67 before a rally propelled the token to its $5.75 peak. However, the momentum faded as sellers stepped in heavily after 11:00 UTC. Trading volume surged to 965,595 units — almost double the daily average of 487,064 — as distribution intensified around the $5.61 resistance zone, indicating profit-taking and institutional selling, according to CoinDesk Research’s technical analysis data model. Buyers then defended the $5.44 support level, triggering a rebound from $5.46 to $5.54. The climb was fueled by a volume spike to over 75,000 units between 13:41 and 13:48, more than quadrupling the hourly average and pointing to potential institutional accumulation after the sell-off. Despite the recovery, ICP remains in the red at the time of writing. Still, the strong defense of key support levels and the breakout through short-term resistance zones hint at resilience, leaving the door open for bullish follow-through if buying pressure persists. Technical Analysis Price range spanned $0.31, marking a 5% spread between $5.75 high and $5.43 low. Sideways consolidation at $5.65–$5.67 preceded the breakout to $5.75. Post-peak reversal accelerated after 11:00 UTC, led by heavy selling. Volume spike to 965,595 units dwarfed 487,064 daily average. Resistance formed at $5.61 during peak selling activity. Support held firm at $5.44 before rebound began. Recovery pushed through $5.47 and $5.52 resistance zones. Volume reached 75,000 units, topping 18,500 hourly average. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk’s full AI Policy .

Source: CoinDesk