ICP Plunges 5% as Critical Support Cracks—Is This the Start of a Deeper Correction?
ICP's price action just turned ugly. The crypto darling shed 5% of its value in a brutal sell-off, smashing through key support levels that traders had circled as make-or-break zones.
Blood in the streets—or just weak hands folding?
Technical traders are scrambling as ICP's chart paints a grim picture. That 5% nosedive wasn't just a dip—it was a full-on breakdown, with the token slicing through support like a hot knife through butter. Market depth evaporated faster than a DeFi rug pull artist's credibility.
Meanwhile, the 'buy the dip' crowd is suspiciously quiet—probably too busy calculating their tax liabilities from last bull run. Classic crypto: everyone's a genius until the charts start bleeding red.
Technical Analysis Highlights
- Price declined 4.77% from $5.66 to $5.39 between July 29 at 09:00 and July 30 at 08:00 UTC.
- Trading range spanned $0.33 (5.3%) from high of $5.68 to low of $5.35.
- Major breakdown occurred at $5.55 with volume surging to 647,663 contracts.
- Support at $5.38 tested multiple times during early July 30 trading window.
- Resistance formed at $5.44 amid declining volume and fading upward momentum.
- Consolidation range observed between $5.38 and $5.44 as price action flattened.
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.
