On August 11, Internet Computer (ICP) faced a sharp decline in value after briefly testing the $5.75 mark. The price dropped to $5.43 before making a partial recovery.

Key Highlights:

• Price Movement: ICP fluctuated from $5.75 to $5.43, marking a significant 5% shift.
• Volume Surge: The trading volume surged to 965,595 units — nearly double the typical daily average of 487,064.
• Renewed Interest: A rise from $5.46 to $5.54 suggested a bounce-back in buying proposals.

Market Context: Before hitting its peak, ICP demonstrated steady momentum, consolidating between $5.65 and $5.67. The upward price movement was swiftly interrupted by increased sell orders after 11:00 UTC, indicating profit-taking activities among stakeholders, as analyzed by CoinDesk Research.

Summary:

Despite the recent downturn, ICP’s resilience is being tested. If buyers can maintain support levels, a bullish trend may resume.