What to Know:
- ICP fluctuated between $4.83 and $5.05 in a turbulent 24-hour period.
- After reaching $5.05, the price quickly dropped below $4.95.
- The completion of the Ignition milestone on September 4 allows large language models to run on-chain, facilitating AI-driven decentralized applications.
The Internet Computer Protocol (ICP) faced a rocky trading day, with movements capturing a range of $0.22. After finding balance around $4.83, ICP surged to $.5.05 before pulling back again.
This surge confirms $4.83 as a significant accumulation zone, with trading volumes soaring to 348,793 units, based on CoinDesk Research’s technical analysis model.
Recent Price Movements:
- The rally halted at $5.05, where selling pressure mounted, stalling any further increase. Prices saw a rapid decline, with a dip from $4.99 to $4.93 within moments.
- Currently, ICP is trading slightly below $4.90, reflecting a 3% decrease from its peak of $5.05.
Transaction volumes surged significantly during this period, with over 170,000 units purchased from 14:01 to 14:03, indicating potential liquidations or forced sell-offs.
The ICP ecosystem continues to evolve, with the Ignition milestone achieved on September 4, permitting LLMs to be natively operated on-chain. This progress opens opportunities for developers to create AI-powered decentralized applications (dapps), enabling smart contract generation directly on the ICP blockchain. The ambitious vision is to establish a “self-writing Internet,” allowing even non-tech users to deploy dapps through simple language commands.
Technical Overview:
- ICP shows trading in a $0.22 range, with established support at $4.83 and a peak resistance at $5.05.
- There’s substantial accumulation at the $4.83 mark, backed by high trading volumes.
- Prices quickly fell from $4.99 to $4.93 due to heavy selling.
- A new support level has emerged at $4.93, serving as a potential pivot in future sessions.
- The resistance remains firmly at $5.05, a critical point for future gains.
