continued to struggle with overhead pressure during its most recent 24-hour trading window, trading near $4.80 after falling below the $4.95 support level.
The token moved within a $0.48 intraday range, reflecting 9.6% volatility, as repeated attempts to regain higher levels stalled, according to CoinDesk Research’s technical analysis data model.
A major turning point arrived at 19:00 UTC on Wednesday, as trading volume rose to 5.63 million tokens – an 85% jump over the 24-hour average. The rise was in line with a failed advance above $4.98, reinforcing the area as a near-term resistance ceiling. Although ICP briefly climbed to $4.99 during a mid-session rally, momentum quickly faded and the price rotated lower.
Recent movements on an hourly basis saw ICP slide through $4.93, extending the previous breakdown and tightening pressure on the $4.90 psychological region. The price briefly stabilized near $4.917, but the technical structure continues to show a downward bias unless ICP can regain levels above $4.98.
Support at $4.63 remains the key threshold below, having acted as a pivot during earlier pullbacks. Without renewed volume expansion towards the upper end of the range, ICP appears to remain within a consolidation band defined by $4.63-$4.98, with directional confirmation depending on which boundary breaks first.
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.
