Internet Computer Protocol (ICP) fell over the last 24 hours, losing 7% of its value.
The token dropped to a low of $5.27, breaking through critical support levels and raising concerns about sustained institutional interest in the project, according to CoinDesk Research's technical analysis data model.
Market data showed ICP falling below the $5.48 support threshold during the early hours of Aug. 18, with trading activity spiking to 708,905 units, nearly double the daily average of 386,248 units. Analysts flagged this pattern as evidence of coordinated selling among large investors and corporate treasury desks. A bounce was short-lived, with the token falling back to $5.29.
The crypto market at large is dealing with bearish pressure following an ignition of concerns over U.S. inflation after last week's Producer Price Index (PPI) reading for July 2025 was hotter than expected.
A downturn in the broader crypto market can increase selling pressure on tokens like ICP due to a general risk-off sentiment, reduced liquidity, and the tendency of investors to sell more speculative assets first.
Technical Analysis
- ICP fell 7% from $5.67 to $5.27 on Aug. 17–18.
- Critical support level at $5.48 was breached during early Aug. 18 trading.
- Volume surged to 708,905 units, almost double the 24-hour average of 386,248 units.
- Recovery attempts failed, with a 1.12% drop from $5.35 to $5.29.
- Current price consolidation near $5.29 reflects waning institutional participation.
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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