$ICP This week, ICP broke beneath the critical support zone near US$4.95, signalling a structural weakness in the setup. The breakdown was accompanied by a sharp spike in trading volume around the resistance area — lending conviction to the rejection. The result: the token is now trading inside a narrower consolidation band below about US$4.98, rather than actively attempting a breakout.
Despite the breakdown, ICP has shown modest upside movement over the last 24 hours — a subtle uptick that suggests market indecision rather than clear bullish commitment. While the short-term move upward might hint at a relief bounce, in context it appears more like a pause than the start of a fresh rally.
The break of the key support near $4.95 shifts the technical bias to bearish-leaning, meaning traders will now keep an eye on lower support levels or signs of accumulation.
The volume surge near resistance suggests that sellers remain active at higher levels; hence, upside tries may be met with renewed supply.
The current tight range beneath $4.98 implies that unless there is a convincing volume-driven move, the token may hover sideways or drift lower rather than push higher immediately
