ICP Breaks Major Support as Volume Spike Confirms Accelerated Downtrend

ICP$3.5000 extended its slide over the past 24 hours, trading near $4.369 after a sharp break below long-standing support at $4.33.

The decline followed one of the steepest intraday drops in recent sessions, with price moving from $4.97 to $4.30 in a fast, technically-driven cascade, according to CoinDesk Research's technical analysis data model.

Activity surged to 7.86 million tokens early in the European morning on Friday, a 224% jump above the 24-hour average. That surge aligned with the failure of the $4.33 support level—previously a reliable staging area for rebounds during October and early November. The breach accelerated the descent into the $4.20–$4.30 zone, where price briefly stabilized before reentering a narrow consolidation band.

Intraday data shows ICP attempting a minor rebound at 13:41 UTC, lifting the token to $4.344 on elevated volume. The move suggested short-term stabilization around the psychological $4.30 level. But participation faded quickly, and the token slipped again toward $4.298, confirming that momentum remains aligned with broader downward pressure.

Without any new fundamental catalysts, technical levels have fully controlled recent trading behavior. The formation of new resistance at $4.69—the area where declines intensified—highlights the significance of Tuesday’s breakdown. ICP now trades within a tight $4.30–$4.34 consolidation zone, leaving limited room for directional movement until volume expands again.

A sustained reclaim of $4.33 would be required to shift momentum meaningfully, while bears will continue to focus on a retest of the $4.20 support floor if volume remains skewed toward the breakdown side.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.