ICP Plunges 5% Amid Market Rotation—Can Bulls Break Key Resistance?

Another day, another crypto shakeout. ICP tanks 5% as capital rotates—classic 'risk-off' theater while Bitcoin ETFs sip champagne.

Resistance stands firm like a Wall Street bonus promise—everyone talks about it, nobody actually sees it.

Will the 'decentralized cloud' narrative reignite buying pressure? Or is this just another altcoin getting chewed up by the merciless crypto cycle? Grab popcorn—and maybe a hedge.

Technical Analysis

• ICP dropped 5.35% from $6.01 to $5.69 between July 22 and July 23.
• Intraday high of $6.14 and low of $5.62 established a volatile $0.52 range (8.4% spread).
• Price fell to $5.62 from $5.97 at 13:00 UTC on July 23 amid 2.58 million token volume.
• Volume during capitulation exceeded 100K per minute, nearly 4× daily average of 650K.
• Resistance confirmed at $6.00–$6.10 with multiple failed breakout attempts.
• Critical support formed at $5.62 after heavy selloff during 13:40–13:51 UTC window.
• Market struggled to reclaim $5.83, with persistent selling on minor rebounds.

 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.