What you need to know:
● ICP dropped from $3.52 to $3.37, forming a stable intraday downward trend
● A sharp increase in volume around the $3.60 mark signaled a turning point in the session
● The price stabilized around $3.33–$3.35 but remains below the breached support levels.
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ICP decreased by 4.28% over the last 24 hours, dropping from $3.52 to $3.3735 in a session characterized by a sharp early reversal and a stable downward trend.
The token briefly rose to the mark of $3.60 during its strongest rally attempt, however, the movement quickly stalled and set the tone for a sustained downward trend, according to technical analysis patterns.
A significant surge in volume accompanied a short-term rise to the level of $3.60, confirming this level as an important resistance zone. After the growth failed, ICP formed a sequence of lower highs and lows, breaking through short-term support levels around $3.44 and then $3.40. The decline covered a broad intraday range of about 9%, which corresponds to the increased volatility observed in the market during the morning hours.
Later in the session, price activity slowed down as ICP found temporary support around $3.33–$3.35. There were a few small attempts at recovery, including a brief rise to $3.36 in the last hour, however, each of these was not accompanied by the volume needed to overcome the newly formed resistance. Instead, the market settled into a narrow range around the lows, indicating more of a consolidation rather than a confirmed reversal.
Technical conditions now depend on whether ICP can reclaim the $3.40 zone, which turned into external resistance after the breakout. Holding above the $3.33–$3.35 levels will help stabilize the short-term structure, while failure to do so will open the door for a retest of deeper support levels established earlier this month.
