ICP Tracks Crypto Market Surge, Consolidates After Hitting $5.66

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moved higher in tandem with a broad-based crypto market surge, climbing 1.89% $5.5354 after peaking at around $5.65 early on Wednesday. As capital rotated into altcoins following gains in bitcoin and ether, ICP followed suit with a 7% upswing, driven by early bullish momentum and strong support at the lower end of its range.

The 24-hour window spanning July 15 at 15:00 UTC to July 16 at 14:00 UTC saw ICP fluctuate within a $0.39 range. Volume during this rally exceeded 964,000 units, indicating robust participation from both large and small buyers as the altcoin sector gained steam.

After peaking, ICP transitioned into a sideways consolidation phase between $5.50 and $5.58. Two failed attempts to break above the $5.64–$5.66 resistance zone confirmed short-term exhaustion, according to CoinDesk Research’s technical analysis data model. The token remained well bid near $5.52, where fresh demand consistently emerged.

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This consolidation reflects similar dynamics seen across Layer 1 tokens, which are seeing profit-taking after multi-session gains but maintaining higher support zones. ICP’s ability to hold steady in a tightening range mirrors the broader market’s pause after a strong leg up.

If bullish sentiment across the crypto market continues, ICP may challenge the $5.60–$5.66 resistance band again, supported by steady inflows and its strong positioning in the decentralized computing narrative.

Technical Analysis Highlights

• ICP climbed 7% from $5.28 to $5.66 before consolidating in a $0.39 range.
• Early rally supported by 964K+ volume, matching broader altcoin strength.
• Resistance firmed at $5.64–$5.66 with two rejection attempts.
• Price stabilized in a $5.50–$5.58 channel for much of the session.
• Support formed around $5.52; buyers consistently defended this level.
• ICP rebounded from $5.50 to $5.53 in the final hour on 19.8K+ volume.
• Market structure remains bullish above $5.50 amid macro crypto strength.
• Current price: $5.5354, up 1.89% on the day.

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.