ICP Recovers Off Intraday Bottoms With Strong Support Holding at $4.80

ICP Demonstrates Strength Amid Volatile Global Markets, Defends Key Support at $4.80

Internet Computer (ICP) showcased notable resilience over the past 24 hours, navigating global market turbulence while maintaining a firm foothold near the critical $4.80 level. Despite dropping to an intraday low of $4.78, ICP rebounded to approach $4.85 before ultimately closing at $4.7771, down just 0.98% for the day.

Technical data from CoinDesk Research underscores the significance of the $4.80 support level, which withstood several tests during the session. This zone now serves as a crucial pivot for traders who are watching for potential upside should broader market sentiment continue to improve.

Macro conditions remain a powerful driver of crypto price action. Though geopolitical tensions have weighed on markets, bitcoin’s climb back to $109,000 in the Asian trading hours fueled increased trading activity across various assets, including ICP—even if price gains were relatively contained.

ICP’s ability to bounce off its support level while absorbing intraday volatility signals growing confidence among traders and suggests the possibility of further consolidation or an upward move if market conditions turn favorable.

Technical Analysis Highlights:

ICP fluctuated within a 2.54% range between $4.78 and $4.90 from July 6 at 15:00 UTC to July 7 at 14:00 UTC.
Resistance at $4.90 was challenged twice during evening trading on July 6.
The $4.80 support level held firm, repeatedly serving as a base for upward price action.
Between 13:05 and 14:04 UTC on July 7, ICP climbed 0.62%, moving from $4.81 to $4.84 and signaling renewed bullish momentum.
A period of consolidation occurred between 13:05 and 13:20 UTC, followed by a breakout beginning at 13:21 UTC.
A swift rally between 13:57 and 13:59 UTC propelled ICP to $4.85, representing a nearly 2% gain.
Trading volume surged notably during two intervals: 66,623 ICP traded from 13:41–13:43, and 14,170 ICP between 13:57–13:58, hinting at possible institutional activity.