ICP Extends Decline as Breakdown Below $3.40 Reinforces Bearish Structure

• ICP fell from $3.52 to $3.37, carving out a steady intraday downtrend
• A volume spike near the $3.60 test marked the session’s turning point
• Price stabilized near $3.33–$3.35 but remains below broken support levels

ICP declined 4.28% over the past 24 hours, sliding from $3.52 to $3.3735 in a session defined by a sharp early reversal and sustained downward momentum.

The token briefly pushed toward the $3.60 area during its strongest rally attempt, but the move stalled quickly and set the tone for the steady, directional decline, according to CoinDesk Research's technical analysis data model.

A significant volume spike accompanied the short-term rally to $3.60, confirming that level as a meaningful resistance zone. Once the rally failed, ICP formed a sequence of lower highs and lower lows, moving through short-term support levels around $3.44 and later $3.40. The decline traced a broad intraday range of roughly 9%, consistent with the elevated volatility seen across the market during the morning hours.

Later in the session, price action slowed as ICP found temporary footing near $3.33–$3.35. Several small recovery attempts emerged, including a brief push to $3.36 during the final hour, though each lacked the volume necessary to challenge newly formed resistance. The market instead settled into a narrow band near the lows, suggesting consolidation rather than confirmed reversal.

Technical conditions now hinge on whether ICP can regain the $3.40 zone, which has flipped into overhead resistance following the breakdown. Holding above $3.33–$3.35 would help stabilize the short-term structure, while failure to do so would leave the door open for a retest of deeper support levels established earlier in the month.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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