ICP Plummets 20% From $5.76 Peak as Bears Regain Control—Buying Opportunity or Dead Cat Bounce?
Internet Computer's token tanks amid market-wide crypto carnage
The 'decentralized cloud' token got caught in Tuesday's downdraft, shedding 20% of its value in 24 hours. Traders are now questioning whether this is a temporary correction or the start of a deeper bear trend.
Technical breakdown triggers stop losses
ICP's fall below key support at $5.50 triggered a cascade of automated sell orders. The token now faces stiff resistance at its 50-day moving average—a line in the sand for crypto traders.
Market makers feast on retail panic
As always, the sharks are circling. OTC desks reported heavy institutional buying during the dip—because nothing makes hedge funds happier than buying your panic sells at a discount.
Will the real Web3 please stand up?
The selloff raises uncomfortable questions about ICP's long-term viability in an increasingly crowded layer-1 space. But then again, most crypto projects are just repackaged Ponzi schemes with better marketing.
Technical Analysis
- Price Range: Swung between $5.28 and $5.76, an 8.3% intraday spread.
- Resistance: $5.76 capped upside momentum with visible rejection.
- Support: Strong support confirmed at $5.28 amid early accumulation.
- Volume Spike: 897,725 tokens traded during rebound from intraday low.
- Sell-Off Window: Declined from $5.76 to $5.66 between 15:08–15:50 UTC.
- Near-Term Support: $5.66 emerged as a floor following bearish move.
- Trading Activity: Final minutes saw trading volume fade, signaling pause.
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