ICP lost ground over the past 24 hours, slipping to $4.90 as its recent bullish momentum faded at the key resistance zone of $5.17.
The move follows Monday’s strong rally, which pushed the token to the upper end of its short-term range before petering out, according to CoinDesk Research’s technical analysis data model.
Trading activity intensified as ICP attempted to extend the rally. A morning spike to 3.03 million tokens, about 32% above the 24-hour average, coincided with the failed breakout to $5.17. The hourly charts then transitioned to a clear pattern of lower highs and lower lows in the $0.39 range, signaling a shift to a corrective structure rather than a continuation.
Later in the session, ICP found temporary equilibrium around $4.92, rebounding to $4.97 on high intraday volume before stalling again. The rejection formed a new local resistance level, keeping the token stuck in an increasingly narrow consolidation band between $4.92 and $4.97.
Even if this decline erases part of the previous advances, it does not yet break the broader trend that began at the beginning of November. Instead, the current pattern reflects a pause in a broader move, with the $4.92 area serving as a crucial benchmark for near-term sentiment. A clear break above $4.97 would be necessary to refocus attention on the $5.17 ceiling; failure to hold support increases the risk of a more prolonged retracement.
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.
