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

The price of ICP has dropped 5.57% to $4.8119, extending its decline after reaching earlier November highs and failing to maintain key resistance levels. The token fell below the pivotal $5.00 mark, where resistance has frequently formed over the recent months. Market activity intensified, with trading volume nearly doubling the daily average as prices approached $4.70, marking the day’s lows. The surge in trading volume indicates strong market focus on this support area. Attempts to stabilize around $4.70 saw brief recovery moves but failed to push ICP back above $5.00. Going forward, the immediate resistance is seen at $4.75, with the key support zone at $4.69-$4.70 playing a crucial role in determining the potential for further retracement. Technical analysis suggests that the market is currently in a phase of short-term consolidation, having significantly declined from monthly highs nearing $9.50.

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