The Internet Computer Protocol (ICP) saw a decline on Monday, falling by 2.39% to $3.1967 as bearish trends impacted mid-cap altcoins.
Unable to stay above $3.27, the token faced renewed selling pressure and a series of short-term liquidations, according to technical analysis from CoinDesk Research.
ICP initially traded at $3.275 and reached a brief peak of $3.3099 before dipping to an intraday low of $3.15. Trading volume surged to 860,100 tokens, nearly double the recent average, indicating heightened trading activity as participants adjusted following the price drop.
Even with the significant retreat, bulls are starting to accumulate around the $3.15–$3.20 range. This zone aligns with recent buying activity from early October, and defending it successfully could lead to a technical rebound towards resistance at $3.25–$3.27. Momentum indicators suggest the market may be nearing selling exhaustion, but confirmation relies on a decrease in volume and stabilization within the current range.
Traders monitoring ICP will assess the potential for the token to turn short-term weakness into a higher low pattern. A rebound past the $3.27 resistance could reinstate a bullish outlook and pave the way for testing the $3.30–$3.35 range, while sustained pressure below $3.15 might expose further downside risks toward $3.10 and $3.
Disclaimer: Portions of this article were generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
