ICP News: Internet Computer Falls Nearly 25% Following Surge to Over $6.50

Internet Computer (ICP) has dropped to $4.99 following a significant rally where it peaked above $6.50, recording a nearly 25% decline. This downturn has been spurred by profit-taking despite a surge in trading volume that reached 20.48 million tokens, significantly above its 30-day average. Earlier, ICP experienced a resistance-breaking surge by 64% on Tuesday, but the gains could not be sustained, leading to a pullback through the European morning. Analysts highlight the importance of the current price levels, with support expected around $4.77, while resistance is noted between $5.20 and $5.40. The heightened trading activity suggests continued institutional interest in ICP, even amid increased market volatility. Despite failing to maintain the highs, ICP's recent performance demonstrates noteworthy resilience against a broader market pullback, with a technical outlook showing stabilization above $4.80 supporting the potential for recovery if it surpasses existing resistance levels.

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