ICP Rebounds Above $2.92 to Reverse Some Mid-Week Losses

ICP rose 1.04% to $2.94, recovering ground lost earlier in the week as buying activity strengthened above key support levels. Trading volume increased by 20% over the weekly average, indicating renewed interest among traders. The token broke through the $2.92 resistance level, suggesting potential upward movement toward $3.00. On Thursday, ICP formed higher lows, reaching an intraday high of nearly $2.98. The recovery reflects favorable sentiment across major layer-1 networks, with traders positioning for short-term gains following a volatile October. ICP's fundamentals support this bullish sentiment, particularly its transaction throughput compared to other networks. The recovery consolidates an ascending trend, establishing support between $2.89 and $2.92, which may serve as a launchpad for testing the $2.98–$3.00 resistance area. Closing above $3.00 could fully reverse the week’s prior declines and reintroduce bullish momentum going into November.

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