ICP Breaks Major Support as Volume Spike Confirms Accelerated Downtrend

ICP$4.2894 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.

Source