Internet Computer (ICP) dropped 4.85% to $5.9149 on Tuesday, posting a low of $5.81 after peaking at $6.25 the previous day.
Despite bullish headlines – a new partnership between Internet Computer developers DFINITY Foundation and indexing firm Maestro – the token succumbed to broad market rotation out of altcoins, including AI- and DeFi-linked assets.
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Maestro’s infrastructure, funded by DFINITY, aims to build a Bitcoin metaprotocol index on the Internet Computer, enabling institutional-grade access to Ordinals and Runes, two of the most prominent primitives in the Bitcoin DeFi ecosystem.
However, technical action reflected a more pessimistic short-term outlook. After opening at $6.2230, ICP steadily declined, breaking below $6.00 around 01:00 UTC and accelerating losses toward $5.83 support. Volume swelled above 1.3 million tokens during this segment, signaling large selling pressure, according to CoinDesk’s technical analysis data model.
ICP fell 2% from $5.97 to $5.87 during the U.S. morning, with concentrated sell pressure visible as the price pierced multiple support zones. Despite a brief rebound attempt near $6.02, the token failed to reclaim bullish footing, suggesting short-term momentum remains with the bears unless the $6.00 resistance is convincingly reclaimed, the data showed.
Technical Analysis Highlights
- Price Range: $5.8105–$6.2488, representing 7.3% intraday spread.
- Volume: 1.94 million tokens traded; highest during breakdown below $5.90.
- Resistance: Strong rejection at $6.00–$6.02 range with no sustained breakout.
- Support: Critical base formed at $5.83–$5.87 amid heavy buying interest.
- From 13:09 to 14:08 UTC, ICP fell 2%, driven by sharp volume spikes exceeding 50K tokens/minute.
- Volatility: Full-day spread of $0.4383 reflects heightened intraday instability.
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.