saw a recovery from Thursday to Friday, climbing 1.04% to $2.94 as the token reversed some of the previous week’s declines.
After falling below key short-term averages in previous sessions, ICP regained its footing, closing above resistance at $2.92, a sign that traders are buying the dip, according to CoinDesk Research’s technical analysis data model.
The token advanced early on Thursday, forming higher lows at $2.80, $2.89, and $2.92 before hitting an intraday high near $2.98. Trading activity accelerated significantly, with volume up 20% above its seven-day average and peaking at 1.39 million units around 10:00 GMT.
The rebound aligns with improving sentiment across major Layer 1 networks, where traders appear to be positioning for near-term strength after a volatile October. ICP’s underlying fundamentals have also boosted trust, with blockchain maintaining its leadership in transaction throughput compared to other major networks.
Technically, the recovery reinforces the asset’s broader ascending trend structure, with support now established between $2.89 and $2.92. Maintaining this range could serve as a launching pad for another test of the $2.98 to $3.00 zone – a level that has previously sparked stronger rallies. A close above $3.00 would mark a complete reversal of the previous week’s losses and could reintroduce bullish momentum heading into November.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
