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began to recover on Thursday into Friday, rising by 1.04% to $2.94 as the token clawed back some of its earlier losses this week.
Following a dip below critical short-term averages in previous sessions, ICP regained its posture, closing above the $2.92 resistance level, indicating that traders are taking advantage of the dip, as highlighted by CoinDesk Research’s technical analysis data model.
The token moved up early Thursday, recording higher lows at $2.80, $2.89, and $2.92 before hitting an intraday peak close to $2.98. Trading volume surged, increasing 20% above its seven-day average and reaching 1.39 million units around 10:00 GMT.
This rebound coincides with a positive shift in sentiment across major layer-1 networks, where traders seem to be gearing up for short-term gains following a tumultuous October. ICP’s foundational strengths have also enhanced confidence, with the blockchain leading in transaction throughput relative to other significant networks.
From a technical standpoint, the recovery reinforces the asset’s broader upward trend, establishing support around $2.89 to $2.92. Maintaining this range could set the stage for another attempt at the $2.98–$3.00 level — a zone that has previously triggered stronger rallies. A close above $3.00 would indicate a complete reversal of the week’s earlier declines and could reignite bullish momentum as November approaches.
Disclaimer: Some portions of this article were generated with AI assistance and reviewed by our editorial team to ensure precision and compliance with our standards. For additional details, refer to CoinDesk’s complete AI Policy.
