ICP Faces Continued Decline as Volume Confirms Break Below Key Support

ICP Faces Continued Decline Amidst Volume Surge

Internet Computer (ICP) has continued its downward trend over the last 24 hours, trading around $4.369 after a significant drop beneath the $4.33 support level. This decline followed a sharp intraday drop from $4.97 to $4.30, driven by technical factors according to CoinDesk Research's analysis.

Volume Surge and Support Breach

Early Friday morning in Europe, ICP saw trading activity spike to 7.86 million tokens, a 224% increase above the 24-hour average. This surge coincided with the breach of the $4.33 support, which had previously served as a reliable rebound point. The breach accelerated the descent into the $4.20–$4.30 range, where prices briefly stabilized before entering a narrow consolidation band.

Intraday data revealed a minor rebound attempt at 13:41 UTC, pushing the token to $4.344 on increased volume, suggesting short-term stabilization around the psychological $4.30 level. However, the participation quickly diminished, causing the token to fall back to $4.298, confirming persistent downward pressure.

Technical Levels Dominate Trading

In the absence of new fundamental catalysts, recent trading has been driven entirely by technical levels. New resistance at $4.69—the point where declines intensified—underscores the importance of Tuesday's breakdown. Currently, ICP trades within a tight $4.30–$4.34 consolidation zone, limiting directional movement until volume increases again.

A sustained move back above $4.33 is necessary to shift momentum, while bears focus on a potential retest of the $4.20 support if volume continues to favor the downside.