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

ICP experienced a downturn, dropping 5.57% to $4.8119, marking the continuation of its pullback from the highs of November. The price fell sharply below the pivotal $5.00 support level, which has been critical in recent months according to CoinDesk's technical analysis. The trading volume surged nearly 100% above average during this period, indicating heightened market activity. Key support is identified between $4.69 and $4.70, where some intraday recovery attempts were noted. Stabilization attempts around this area produced higher lows, despite ICP remaining below essential resistance levels. This shift indicates a broader consolidation phase, with immediate resistance now at $4.75 and significant resistance at the key $5.00 threshold, which will be critical in determining the token's future movements and whether it can avoid a deeper retracement.

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