ICP Price Analysis: Internet Computer Tests $4.83 Support, Faces $5.05 Resistance

Internet Computer Protocol (ICP) saw heightened volatility over the past 24 hours, swinging through a $0.22 trading range. The token tested key support at $4.83, where trading volume surged to 348,793 units, confirming the level as a strong accumulation zone. Buyers briefly pushed ICP to $5.05 by 06:00 UTC, but the rally stalled at that resistance point, triggering a sharp reversal.

Following consolidation near $4.97, ICP made a short-lived recovery to $4.99 at 14:00 UTC before heavy selling hit the market. Within minutes, the price dropped to $4.93, fueled by turnover of more than 170,000 units in just two minutes, indicating stop-loss liquidations and systematic selling pressure. At the time of writing, ICP trades below $4.90, nearly 3% down from its intraday high.

The $4.83 level remains a crucial pivot for traders watching accumulation zones, while $5.05 stands as firm resistance. A breakout above $5.05 would be required to confirm renewed bullish momentum, while failure to hold $4.93 could open the door to further downside.

Beyond short-term technicals, ICP’s broader momentum reflects growing ecosystem innovation. On September 4, the blockchain reached its Ignition milestone, enabling large language models (LLMs) to run directly on-chain. This upgrade paves the way for AI-driven decentralized applications (dapps), including smart contract generation through natural language prompts.

The long-term vision behind ICP’s upgrade is to create a “self-writing Internet,” empowering even non-developers to deploy dapps seamlessly. This development could enhance adoption and position ICP as a key player in the AI-blockchain space.

For traders, $4.83 support and $5.05 resistance remain the critical levels to watch in upcoming sessions, as volume-driven swings continue to define ICP’s short-term trajectory.