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recorded a 5.35% pullback over the closing 24 hours, shedding from $6.01 to $5.69 as weakness home in among the broader altcoin market. ICP struggled to maintain bullish momentum, encountering firm resistance within the $6.00–$6.10 zone that had capped more than one breakout attempts.
The sharpest decline got right here at some stage within the 13:00 UTC hour on Thursday, when ICP slid to $5.62 from $5.97 in barely just a few minutes, pushed by an outsized surge in procuring and selling quantity. Total day-to-day turnover reached 2.58 million tokens — nearly four events the 24-hour average — underscoring institutional-scale distribution stress, in step with CoinDesk Compare’s technical prognosis data model.
The broader market confirmed a similar dynamics, with altcoins similar to SOL, AVAX and ADA pulling abet amid revenue-taking and regulatory trends. Analysts characterized the retracement as a wholesome rotation following President Donald Trump-connected rallies and renewed consideration to stablecoin legislation. No topic particular person bullish catalysts, many tokens didn’t maintain upside traction, with traders reallocating capital and defending key enhance zones.
Technical Diagnosis
- ICP dropped 5.35% from $6.01 to $5.69 between July 22 and July 23.
- Intraday excessive of $6.14 and low of $5.62 established a volatile $0.52 vary (8.4% spread).
- Designate fell to $5.62 from $5.97 at 13:00 UTC on July 23 amid 2.58 million token quantity.
- Volume at some stage in capitulation exceeded 100K per minute, nearly 4× day-to-day average of 650K.
- Resistance confirmed at $6.00–$6.10 with more than one failed breakout attempts.
- Indispensable enhance fashioned at $5.62 after heavy selloff at some stage in 13:40–13:51 UTC window.
- Market struggled to reclaim $5.83, with chronic selling on minor rebounds.
Disclaimer: Aspects of this article were generated with the the encourage of AI instruments and reviewed by our editorial group to produce sure accuracy and adherence to our requirements. For more data, explore CoinDesk’s full AI Protection.
