ICP Retreats After $5.17 Resistance Rejection, Consolidation Ensues
ICP fell to $4.90 over the past 24 hours after failing to break through the $5.17 resistance level. Monday’s rally had pushed the token to the upper edge of its short-term range, but elevated trading at that level indicated exhaustion, according to CoinDesk Research’s technical analysis.
Volume surged to 3.03 million tokens—about 32% above the 24-hour average—during the failed breakout. Hourly charts now show lower highs and lower lows across a $0.39 range, signaling a corrective consolidation phase.
The token found temporary support near $4.92 and briefly rebounded to $4.97 before stalling, forming a tightening range between $4.92 and $4.97. While the pullback trims part of Monday’s gains, the broader uptrend from early November remains intact. A move above $4.97 could target $5.17, while a break below $4.92 may lead to a deeper retracement.
