ICP Faces Downward Pressure but Traders Eye Relief Bounce Near $3.15

Internet Computer Protocol (ICP) experienced downward pressure on Monday, dropping 2.39% to $3.1967 amid bearish momentum across mid-cap altcoins.

The token failed to maintain its footing above $3.27, triggering renewed downside pressure and a wave of short-term liquidations, according to CoinDesk Research's technical analysis data model.

ICP traded at $3.275, briefly climbing to $3.3099, before falling to an intraday low of $3.15. Volume surged to 860,100 tokens, roughly double the recent average, underscoring intensified participation from traders repositioning after the breakdown.

Despite the sharp pullback, bulls are beginning to circle near the $3.15–$3.20 zone. This area coincides with recent accumulation from early October, and a successful defense could prompt a technical bounce back toward $3.25–$3.27 resistance. Momentum indicators remain oversold, hinting that selling exhaustion may be near, though confirmation will depend on volume contraction and stabilization above the current range.

Traders watching ICP will now assess whether the token can convert short-term weakness into a higher low formation. A recovery through the $3.27 resistance could reestablish the upward bias and set the stage for a test of $3.30–$3.35, though sustained pressure below $3.15 would expose downside risks toward $3.10 and $3.

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.