ICP Surges Over $5.50 as Crypto Market Celebrates: What’s Next?

by

<a href="https://bbg-news.com/icp-usd/">ICP</a> Climbs With Broader Crypto Rally, Holds Gains Above $5.50

What to know:

  • ICP rose alongside a broader market rally, gaining 7% before consolidating.
  • Price hit $5.66 before entering a tight range between $5.50 and $5.58.
  • A strong bounce showed buyers defending the $5.50 level.

In this article

ICPICP$5.6082◢0.84%

Internet Computer

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.

During the 24-hour period encompassing July 15 at 3 PM UTC to July 16 at 2 PM UTC, the Inter-Chain Protocol (ICP) varied between $0.39. The trading volume during this surge reached an impressive 964,000 units, suggesting strong involvement from both large and small investors as the altcoin market began to pick up momentum.

Following a peak, I found myself in a period of horizontal consolidation, ranging between approximately $5.50 and $5.58. Two unsuccessful attempts to surpass the resistance zone at around $5.64–$5.66, as suggested by CoinDesk Research’s technical analysis model, indicated temporary market exhaustion. Interestingly, despite this, there was steady demand for the token, keeping its price near $5.52, a level where fresh buying interest consistently materialized.

This consolidation shows patterns common among Layer 1 cryptocurrencies, as they experience profit-taking following extended periods of growth, yet continue to maintain robust support levels. ICP’s stability within a narrowing range echoes the wider market’s temporary halt after a significant surge.

Should positive attitudes towards cryptocurrencies persist, it’s possible that Internet Computer Protocol (ICP) could attempt to surpass the $5.60-$5.66 resistance zone once more. This potential movement is bolstered by consistent investments and its robust role in the decentralized computing storyline.

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.

Read More

2025-07-16 20:57