ICP Slips as Consolidation Phase Holds Above Key Support
ICP token eased by 0.65% to $6.30 over the last 24 hours, entering a consolidation phase after a 235% rally last week. The price fluctuated within a 15% intraday volatility range but remained above key short-term support levels. Trading volume increased by 18% above the 30-day average, with peak activity around 09:00 GMT as prices tested the $6.67 resistance. The controlled consolidation indicates profit-taking rather than selling pressure, suggesting market stability. A breakout above $6.67 could push the token toward $7.00, while failure to sustain $6.35 may lead to a retest of $5.79 support.
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ICP Price Performance in the Last 24 Hours
ICP eased by 0.65% in the past 24 hours, moving from $6.3643 to $6.30. The token entered a controlled consolidation phase after its recent rally. The price fluctuated within a $0.95 range, representing nearly 15% intraday volatility, while maintaining its broader technical structure above critical short-term support levels, according to CoinDesk Research's technical analysis data model.
Increased Trading Volume Signals Institutional Participation
Trading volume increased, registering 18% above the 30-day average, suggesting steady institutional participation. The most pronounced activity was observed around 09:00 GMT, where turnover spiked to 4.93 million ICP, approximately 77% above the 24-hour mean. This surge occurred as prices tested the $6.67 resistance zone.
Post-Rally Consolidation of ICP
ICP’s price action reflects measured consolidation after a 235% rally last week. The token's declining hourly structure, from $6.55 to $6.37, indicates a controlled digestion of recent gains rather than a breakdown in bullish momentum. Sustained trading volumes at moderate levels suggest profit-taking rather than renewed selling pressure, which is a positive indicator of stability in a post-rally environment.
Potential Future Movements for ICP
A decisive move above $6.67 could signal the next bullish leg towards $7.00, supported by continued momentum. However, a failure to maintain $6.35 as support could likely result in a retest of the $5.79 support level. These key levels will be crucial in determining ICP's near-term price action.
Disclaimer
Disclaimer: Parts of this article were generated with the assistance of 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.