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Internet Computer's ICP Token Drops Amid Heavy Trading Volume
ICP breached $5.00 support, forming a bearish channel with growing institutional sell pressure.
Updated Jul 10, 2025, 1:14 p.m. Published Jul 4, 2025, 9:21 a.m.
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What to know:
- ICP-USD dropped 4.3% amid heavy volume.
- ICP breached $5.00 support, forming a bearish channel with growing institutional sell pressure.
CORRECTION (July 5, 19:40 UTC): The previous article incorrectly referenced to a malware attack impacting the ICP token's price, which has been removed.
Internet Computer Protocol (ICP) is trading at $4.8373, down 5.18% in the past 24 hours, while the broader crypto market, as gauged by the CoinDesk 20 Index, dropped only half as much.
STORY CONTINUES BELOW
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ICP faced renewed selling pressure as geopolitical risks and cybersecurity threats rattled digital asset markets.
ICP’s price reaction was swift, with the token falling through key support at $5.00, according to CoinDesk Research's technical analysis model. The bearish move was amplified by increased trading volumes during key selloffs at 12:00 and 20:00 UTC on July 3.
Technical Analysis Highlights
All times cited are UTC.
- ICP-USD declined 4.3% to $4.8373 between July 3 07:00 and July 4 06:00.
- Price action formed a descending channel, with resistance near $5.13 and a decisive breakdown below $5.00.
- Sharp selloffs occurred at 12:00 and 20:00 on July 3, accompanied by above-average volume.
- The token’s overall range was $0.26 (5.1%), underscoring heightened volatility.
- A 1.17% drop occurred between 05:52 and 06:51 on July 4, with the price dipping below $4.90.
- Temporary support emerged at $4.88 around 06:30, followed by a mild recovery stalling at $4.89.
- Volume exceeded 94,000 units during the 06:27–06:30 window, likely driven by institutional activity.
- Final minutes showed consolidation, with low volatility suggesting possible range-bound action ahead.
Disclaimer: 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.
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