extended its decline over the past 24 hours, trading near $4.369 after a sharp break below long-term support at $4.33.
The drop followed one of the steepest intraday declines in recent sessions, with the price moving from $4.97 to $4.30 in a rapid, technically driven cascade, according to CoinDesk Research’s technical analysis data model.
Activity rose to 7.86 million tokens early in the European morning on Friday, a 224% jump over the 24-hour average. This rise coincided with the failure of the $4.33 support level – previously a reliable staging area for rebounds during October and early November. The break accelerated the descent to the $4.20-$4.30 zone, where the price briefly stabilized before re-entering a narrow consolidation band.
Intraday data shows ICP attempting a minor rebound at 13:41 UTC, lifting the token to $4,344 on increased volume. The move suggested near-term stabilization around the psychological $4.30 level. But participation quickly faded and the token slid back towards $4,298, confirming that momentum remains aligned with broader downward pressure.
With no new fundamental catalysts, technical levels have fully controlled recent trading behavior. The formation of new resistance at $4.69 – the area where the decline intensified – highlights the significance of Tuesday’s breakdown. ICP is now trading within a tight $4.30-$4.34 consolidation zone, leaving limited room for directional movement until volume expands again.
A sustained pullback to $4.33 would be needed to change momentum meaningfully, while bears will continue to focus on a retest of the $4.20 support floor if volume remains skewed to the downside.
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.
