ICP Declines After Losing the $5.00 Level, Signaling a Deeper Bearish Trend

ICP continued to retreat from its November peak, slipping further below key resistance as heavy trading activity highlighted the market’s focus on support around the $4.70 zone.

The token fell 5.57% over the past 24 hours to $4.8119, extending last week’s pullback and firmly breaking below the $5.00 level — a price that has acted as an important pivot throughout recent months, according to CoinDesk Research’s technical model.

The decline played out across a wide intraday range, with ICP touching a low of $4.69. Volume surged nearly 98% above its daily average, marking one of November’s most active sessions and reflecting repeated failures to reclaim the $5.00 handle. The increased turnover has now cemented that level as a clearer zone of overhead resistance, following the steep slide from early-month highs near $9.50.

Intraday patterns show several stabilization attempts near $4.70. Short-lived rebounds formed a string of higher lows, supported by notable bursts of 207K and 167K tokens traded — early signs that buyers are probing for a floor even as the token remains capped by resistance.

ICP’s near-term structure now points to a consolidation phase. Immediate resistance lies at $4.75, with the more decisive barrier at $5.00. The $4.69–$4.70 band remains the key support area that will determine whether the token can avoid a deeper correction in the days ahead