- ICP faces heavy selling pressure and steep weekly losses.
- Michael Saylor shifts focus from Bitcoin holdings to ICP.
- Support zone at $4.93–$5.00 could prompt a rebound.
- Potential upside targets are $6.97 and $9.29 if buyers step in.
Internet Computer (ICP) remains under heavy selling pressure as its downtrend continues. The token has dropped nearly 3.42% in the past 24 hours, with a weekly decline of 41.8%, indicating a challenging phase.
Currently, the token is trading at $5.21, with a 24-hour trading volume of $285.41 million, down 37.13% from the previous day. The market cap has also eased to $2.82 billion, reflecting a 3.31% decline as the bearish trend remains in place.
Also Read: Internet Computer (ICP) Weekly Chart Shows Bullish Momentum: Can It Break Above $8?
Michael Saylor’s Bold Pivot: From Bitcoin to ICP
Michael Saylor has shifted attention from Bitcoin to ICP, gaining widespread attention in the crypto world. For the first time, Saylor’s assets dropped below 1 NAV, marking a historic shift. The surprising move has gained widespread attention in the crypto world, which could lead to drastic changes in the market in the coming days.
MicroStrategy has sold 33,000 BTC, valued at $3.2 billion, but it just continues to sell in increments. The quick dumping has analysts predicting that the coin might be set for a massive surge. Traders are closely watching, as this pivot could trigger notable price action in ICP. If momentum builds, ICP could become one of the year’s most actively traded and closely watched tokens.
ICP Support Zones Hint at Potential Recovery
According to the crypto analyst @queencryptooo, the token’s current level is just above the support zone, ranging between $4.93 and $5.00. This region has previously resulted in a significant bounce, so it has attracted the attention of traders. The moment the speed of the decline reduces, it indicates that the sellers might be losing momentum as the asset has reached the support zone.
The chart depicts a steady retreat from the $9.29 level, a classic pattern of lower highs and lows. At the same time, the decline in the volume of sold stocks shows weakening bears. Such behavior normally occurs when a market is about to experience a possible change, particularly near a support level that has proven reliable on several occasions.
If buyers react from here, the first level of resistance to look out for as a potential buy would be $6.97, followed by $9.29 if the rally continues. This could make for a large reaction at the current levels. So long as the asset remains above the support base, the current scenario remains conducive to a potential reversal.
Also Read: Internet Computer Price Outlook: ICP Targets $77.50 Long-Term
