slipped on Monday, falling 11.2% to $6.69 as the token broke below key technical support at $7.00.
The drop extended a weeklong retreat after last week’s rally to $8.76, marking one of ICP’s steepest intraday drops in recent months, according to CoinDesk Research’s technical analysis data model.
Volume rose to 6.31 million tokens at 04:00 GMT, approximately 94% above the 24-hour moving average, confirming a crucial breakdown through support levels. The move established $7.00 as a new resistance level while forcing the token into oversold territory near $6.70.
ICP’s chart structure now clearly reflects bearish momentum following the failure of $7.00 support, with downward pressure likely to continue if the token remains below this threshold. Analysts identified $6.65-$6.70 as the next key support band where short-term stabilization could occur before any rebound attempt.
Sustained price action below $7.00 could extend the decline towards $6.50, while a rally above this level would be needed to re-establish a short-term bullish foothold.
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.
