#icp ICP Retreats From $5.75 High Amid Heavy Distribution

What to know:

ICP fell from $5.75 to $5.43 in a 5% swing before staging a partial recovery.Selling volume hit 965,595 units, nearly double the 24-hour average.Push from $5.46 to $5.54 signaled renewed buying interest.

Internet Computer ICP$5.5679 reversed after testing the $5.75 level in the early hours of Aug. 11, succumbing to selling pressure that drove the token down to $5.43.

ICP appeared to be in a steady consolidation pattern between $5.65 and $5.67 before a rally propelled the token to its $5.75 peak. However, the momentum faded as sellers stepped in heavily after 11:00 UTC.

Trading volume surged to 965,595 units — almost double the daily average of 487,064 — as distribution intensified around the $5.61 resistance zone, indicating profit-taking and institutional selling,

Technical Analysis:

Price range spanned $0.31, marking a 5% spread between $5.75 high and $5.43 low.Sideways consolidation at $5.65–$5.67 preceded the breakout to $5.75.Post-peak reversal accelerated after 11:00 UTC, led by heavy selling.Volume spike to 965,595 units dwarfed 487,064 daily average.

Resistance formed at $5.61 during peak selling activity.Support held firm at $5.44 before rebound began.Recovery pushed through $5.47 and $5.52 resistance zones.Volume reached 75,000 units, topping 18,500 hourly average.#USFedNewChair #AUGUSTBULLISHMONTH #altseason2025 #bullrun