slid Monday, dropping 11.2% to $6.69 as the token broke below key technical support at $7.00.
The decline extended a week-long retreat following last week’s rally to $8.76, marking one of ICP’s steepest intraday drops in recent months, according to CoinDesk Research's technical analysis data model.
Volume spiked to 6.31 million tokens at 04:00 GMT, roughly 94% above the 24-hour average, confirming a decisive breakdown through support levels. The move established $7.00 as new resistance level while forcing the token into oversold territory near $6.70.
ICP’s chart structure now reflects clear bearish momentum following the failure of $7.00 support, with downside pressure likely to persist if the token remains below this threshold. Analysts identified $6.65–$6.70 as the next key support band, where short-term stabilization could occur before any rebound attempt.
Sustained price action below $7.00 could extend the drop toward $6.50, while a recovery above that level would be required to re-establish short-term bullish footing.
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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