Internet Computer Protocol (ICP) experienced a 7% decrease in its value within the past 24 hours. The token plummeted to $5.27, surpassing crucial support levels, sparking concerns about the sustained interest of institutional investors in the project, as per CoinDesk Research’s technical analysis data model.
On Aug. 18, market data indicated ICP dropping below the $5.48 support mark, accompanied by a surge in trading volume to 708,905 units, almost double the daily average of 386,248 units. Analysts noted this uptick in activity as a sign of coordinated selling by major investors and corporate treasury desks. Despite a brief recovery, the token slipped back to $5.29.
The broader cryptocurrency market is currently facing downward pressure, triggered by worries about U.S. inflation following a higher-than-expected reading in the Producer Price Index (PPI) for July 2025.
In times of bearish sentiment in the overall crypto market, tokens like ICP may experience heightened selling pressure due to a risk-averse attitude, decreased liquidity, and the tendency of investors to offload more speculative assets first.
Key Technical Analysis Points:
- ICP saw a 7% decline from $5.67 to $5.27 on Aug. 17–18.
- The critical support level of $5.48 was breached early on Aug. 18.
- Trading volume surged to 708,905 units, nearly double the 24-hour average of 386,248 units.
- Recovery efforts were unsuccessful, leading to a 1.12% drop from $5.35 to $5.29.
- The current price settling around $5.29 indicates dwindling institutional involvement.
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