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Internet Computer (ICP) reversed after testing the $5.75 level in the early hours of Aug. 11, succumbing to selling pressure that drove the token down to $5.43. ICP appeared to be in a steady consolidation pattern between $5.65 and $5.67 before a rally propelled the token to its $5.75 peak. However, the momentum faded as sellers stepped in heavily after 11:00 UTC. Trading volume surged to 965,595 units — almost double the daily average of 487,064 — as distribution intensified around the $5.61 resistance zone, indicating profit-taking and institutional selling, according to CoinDesk Research’s technical analysis data model. Buyers then defended the $5.44 support level, triggering a rebound from $5.46 to $5.54. The climb was fueled by a volume spike to over 75,000 units between 13:41 and 13:48, more than quadrupling the hourly average and pointing to potential institutional accumulation after the sell-off. Despite the recovery, ICP remains in the red at the time of writing. Still, the strong defense of key support levels and the breakout through short-term resistance zones hint at resilience, leaving the door open for bullish follow-through if buying pressure persists. Technical Analysis Price range spanned $0.31, marking a 5% spread between $5.75 high and $5.43 low. Sideways consolidation at $5.65–$5.67 preceded the breakout to $5.75. Post-peak reversal accelerated after 11:00 UTC, led by heavy selling. Volume spike to 965,595 units dwarfed 487,064 daily average. Resistance formed at $5.61 during peak selling activity. Support held firm at $5.44 before rebound began. Recovery pushed through $5.47 and $5.52 resistance zones. Volume reached 75,000 units, topping 18,500 hourly average. 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. Powered by WPeMatico

ATOM experienced sharp volatility over a 23-hour trading period from August 10 at 15:00 to August 11 at 14:00, swinging 6.20% between its $4.77 session high and $4.48 low. The token rallied early on August 11, climbing from $4.66 to $4.75 at 02:00 amid a surge in trading volume of 1.465 million units, establishing support near $4.69. However, heavy selling pressure emerged at 07:00, driving ATOM down to $4.48 on 1.984 million units traded, with resistance forming around $4.71 as institutional selling intensified. Despite the sharp decline, ATOM showed resilience in the final hour of the session. From 13:07 to 14:06, the token gained 1.68%, moving from $4.49 to $4.56 as buyers overcame resistance at $4.50 and $4.53. A burst of trading activity, including a 60,000-unit spike between 13:46 and 13:47, helped solidify $4.54 as a new support level. This late-session rebound hinted at renewed institutional interest following the morning’s selloff. Market sentiment toward the Cosmos ecosystem received a boost during the session after Coinbase announced support for dYdX (COSMOSDYDX), a decentralized finance platform built on the Cosmos blockchain. The listing underscored growing exchange integration with Cosmos-based projects, bolstering confidence among investors and potentially influencing short-term price action for ATOM. ATOM’s volatile trading highlights the push and pull between institutional profit-taking and opportunistic buying at technical support levels. While the initial selloff reflected broader uncertainty in digital asset markets, the rapid recovery suggests that some institutional players are positioning for potential upside as the Cosmos network continues to expand its partnerships and infrastructure footprint. Technical Indicators Highlight Key Levels Trading range of $0.29 representing 6% volatility between $4.77 maximum and $4.48 minimum levels. Volume support established around $4.69 with 1.465 million units during early session rally. Volume resistance created near $4.71 with 1.984 million units during institutional selling. New support level established at $4.54 following recovery momentum and buyer interest. Multiple resistance levels broken at $4.50 and $4.53 during late-session institutional buying. 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. Powered by WPeMatico