ICP Advances as Consolidation Holds Below $6.66 Resistance Price
ICP's price hovered near $6.03, increasing 2.25% in the past 24 hours but remained in a tight consolidation range between $6.05 and $6.66, as per CoinDesk Research's analysis. Despite an initial surge in trading activity with 4.27 million tokens, the price failed to break above $6.66 resistance, highlighting it as a key obstacle. Following this, trading volume sharply decreased, signaling a temporary equilibrium in the range-bound price action.
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ICP Price Performance Overview
ICP was trading at $5.9770, hovering near $6.03, representing an increase of 2.25% in the past 24 hours. Despite this advance, the token remains in a tight consolidation structure following last week's sharp retracement from early-November highs above $9.80.
Key Support and Resistance Levels
According to CoinDesk Research's technical analysis, ICP continues to trade within a defined corridor between support at $6.05 and resistance at $6.66. These levels have repeatedly limited momentum over the past year, acting as key barriers for price action.
Failed Breakout Attempt
Earlier in the session, trading activity surged to 4.27 million tokens, approximately 68% above the 24-hour average, as an attempt was made to break above the $6.66 resistance. However, this move failed to breach the level, solidifying $6.66 as a significant near-term obstacle.
Return to Consolidation Range
Following the faded momentum, ICP slipped back toward the midpoint of its trading range. This occurred as no fresh catalysts emerged to sustain a directional breakout, reinforcing the range-bound price structure.
Decline in Trading Volume
Trading volume fell sharply after the attempted breakout, dropping to just 171,000 tokens. Several minutes even recorded no trades at all, reflecting a state of temporary equilibrium rather than a shift in market sentiment.
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Disclaimer: Parts of this article were generated with assistance from AI tools and reviewed by the editorial team to ensure accuracy and adherence to our standards. For more details, refer to CoinDesk's full AI Policy.