ICP Drops as Breakdown Below $5.00 Extends Multi-Session Weakness

ICP has continued its downward trend, falling 5.57% to $4.8119 after consistently rejecting resistance levels above $5.00. Trading volume surged to nearly double its daily average as the price dipped below the crucial $5.00 mark, a level that has historically served as a pivot point. Key support is identified near $4.69–$4.70, where previous attempts to recover have been noted. This price action marks a shift in the trend towards short-term consolidation, with immediate resistance at $4.75 and the significant $5.00 barrier. The heightened trading activity, with volume increasing by 98%, underscores market participants' vigilance around this critical price threshold amid a broader market decline continuing from highs near $9.50. Overall, the market sentiment appears bearish for ICP, and upcoming sessions might determine its trajectory in avoiding a deeper retracement.

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