ICP has lost ground over the past 24 hours, falling to $4.90 as its recent upward momentum faded at the key $5.17 resistance area.
The move follows Monday’s sharp rally, which pushed the token into the upper end of its short-term range before encountering exhaustion, according to CoinDesk Research’s technical analysis data model.
Trading activity intensified as ICP tried to extend the rally. A morning surge to 3.03 million tokens, about 32% above the 24-hour average, coincided with the failed breakout at $5.17. Hourly charts then transitioned into a clear pattern of lower highs and lower lows in a $0.39 range, signaling a shift to corrective structure rather than continuation.
Later in the session, ICP found a temporary foothold around $4.92, rising to $4.97 on increased intraday volume before stalling again. The rejection formed a new local resistance level that kept the token locked in a tighter consolidation band between $4.92 and $4.97.
While the pullback erases some of the earlier gains, it is yet to break the broader trend that began in early November. Instead, the current setup reflects a break within a larger move, with the $4.92 zone serving as a key reference for short-term sentiment. A clean break above $4.97 would be needed to refocus attention on the $5.17 ceiling; failure to hold support increases the risk of a longer retracement.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
