Internet Computer (ICP) Sheds 5% Following Breakdown Below Key Support Zones

ICP Drops Below Key Support as Sellers Dominate Market

The price of Internet Computer Protocol’s native token (ICP) fell nearly 5% over the past 24 hours, breaking through critical support levels amid mounting selling pressure and a spike in trading activity.

ICP declined from $5.66 to $5.39, a 4.77% slide, as traders offloaded positions during a high-volume sell-off. The token traded within a $0.33 range on the day, with volatility reaching 5.3%, according to CoinDesk’s technical indicators.

The most significant move came between early European hours and mid-afternoon on Tuesday, when ICP broke below the $5.55 support level. Volume surged to 647,663 contracts during the breakdown—well above the daily average of 356,394—signaling strong bearish momentum.

Despite a brief attempt to stabilize near $5.38 later in the session, buying interest remained weak. From 07:06 to 08:05 UTC on July 30, ICP dropped another 0.92%, sliding from $5.44 to $5.39. Multiple intraday tests of the $5.38 level further reinforced short-term bearish control.

The decline comes as the DFINITY Foundation continues pushing ahead with ecosystem upgrades. The recent launch of Internet Computer 2.0 introduced tools designed to help users create applications using natural language prompts—eliminating the need for coding. While the update underscores the project’s long-term ambitions, it has yet to spark bullish sentiment in the market.

Key Technical Highlights:

Price Drop: -4.77%, from $5.66 to $5.39
Daily Range: $5.68 (high) to $5.35 (low), with 5.3% volatility
Breakdown Volume: Spiked to 647,663 contracts during $5.55 breach
Support Levels: $5.38 tested repeatedly on July 30
Resistance Zone: Formed near $5.44 as rebound attempts lost steam
Consolidation: Price action flattened between $5.38–$5.44

Despite ongoing development milestones, ICP remains under pressure, with technical indicators pointing to continued short-term weakness unless bulls regain control.