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has fallen below the $3.00 threshold, decreasing by 3.2% to $2.9891 after a significant rejection at the $3.15 resistance level.
This movement marked the end of a turbulent 24-hour period wherein the token fluctuated between $2.98 and $3.17, as strong selling pressure dragged prices down into the lower part of the established range, according to CoinDesk.
The most significant selling activity occurred around 18:00 GMT on Oct. 29, when trading volume surged to 2.67 million tokens, approximately 290% above the norm. This spike coincided with ICP’s inability to surpass the $3.15 mark, further solidifying that level as a robust technical barrier. Following this rejection, the token experienced a steady decline, eventually dropping below the $3.04 support during the early hours of the European session.
Subsequent trading activity demonstrated compression, with narrower hourly ranges indicating potential stabilization. The $2.97 level once again provided support, absorbing downward pressure. However, the ongoing series of lower highs and lower lows signifies persistent bearish momentum, with the $3.04–$3.05 range now acting as immediate resistance for any rebound attempt.
In summary, ICP’s technical framework indicates a consolidation phase between $2.97 and $3.15, with no evident breakout catalysts in the immediate future. Traders are keeping a close eye on whether the volume contraction suggests that selling fatigue is setting in or if it’s a precursor to another directional shift. For now, range-trading strategies prevail as ICP moves within this clearly defined corridor.
Disclaimer: Some sections of this article were generated with the help of AI tools and vetted by our editorial staff to ensure accuracy and compliance with our standards. For further details, see CoinDesk’s complete AI Policy.
