extended its decline over the past 24 hours, trading near $4.369 after a strong break below long-held support at $4.33.
This drop follows one of the largest intraday declines in recent sessions, with the price falling from $4.97 to $4.30 in a rapid, technical cascade, according to CoinDesk Research’s technical analysis data model.
Activity surged to 7.86 million tokens early Friday morning in Europe, a 224% jump above the 24-hour average. This rise aligns with the failure of the $4.33 support level, which was previously a reliable staging area for rebounds in October and early November. The breakout accelerated the descent into the $4.20-$4.30 area, where the price briefly stabilized before re-entering a narrow consolidation band.
Intraday data shows ICP attempting a minor rebound at 1:41 p.m. UTC, taking the token to $4.344 on high volume. This move suggests short-term stabilization around the psychological level of $4.30. But participation quickly faded and the token slipped again towards $4.298, confirming that momentum remains aligned with broader downward pressure.
Without new fundamental catalysts, technical levels have entirely controlled recent trading behavior. The formation of new resistance at $4.69 – the area where declines intensified – highlights the significance of Tuesday’s breakout. ICP is now trading in a tight consolidation zone of $4.30 to $4.34, leaving limited room for directional moves until volume increases again.
A sustained recovery to $4.33 would be needed to change momentum significantly, while bears will continue to focus on a retest of the $4.20 support floor if volume remains trending toward the breakout.
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.
