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

Crypto's latest sector rotation leaves ICP bleeding—down 5% as traders chase greener pastures.

Resistance stands firm: ICP's price rejects upside yet again, testing holders' conviction.

Meanwhile, 'smart money' pivots to flavor-of-the-month alts—because nothing screams 'alpha' like buying the top.

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.

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