extended its decline over the past 24 hours, trading near $4.369 after a sharp break below long-standing 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 and technically driven cascade, according to CoinDesk Research’s technical analysis data model.
Activity rose to 7.86 million tokens early European morning on Friday, a 224% jump above the 24-hour average. That rise aligned with the failure of the $4.33 support level, which was previously a reliable staging area for bounces during October and early November. The breakout accelerated the decline to the $4.20 to $4.30 area, where the price briefly stabilized before re-entering a tight consolidation band.
Intraday data shows ICP attempting a minor bounce at 13:41 UTC, lifting the token to $4,344 on high volume. The move suggested a short-term stabilization around the psychological level of $4.30. But participation quickly faded and the token fell back towards $4,298, confirming that momentum remains aligned with broader downward pressure.
Without new fundamental catalysts, technical levels have totally controlled recent trading behavior. The formation of new resistance at $4.69 (the area where declines intensified) highlights the importance of Tuesday’s collapse. ICP is now trading within a narrow consolidation zone between $4.30 and $4.34, leaving limited room for directional movement until volume expands again.
A sustained recovery of $4.33 would be needed to shift momentum significantly, while bears will continue to focus on retesting the $4.20 support floor if volume remains skewed towards the breakout side.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
