ICP Price Drops 3.2% to $2.99After Rejection From $3.15 Resistance

ICP$3.0510 has retreated below the $3.00 mark, dropping 3.2% to $2.9891 following a decisive rejection from the $3.15 resistance level.

The move capped a volatile 24-hour session that saw the token trade between $2.98 and $3.17, as heavy selling momentum pushed prices back into the lower end of the established range, according to CoinDesk

The most pronounced selling emerged around 18:00 GMT on Oct. 29, when trading volume spiked to 2.67 million tokens, roughly 290% above average. The surge coincided with ICP’s failure to extend gains past $3.15, reinforcing that ceiling as a formidable technical barrier. Following the rejection, the token entered a steady decline, ultimately breaking below $3.04 support during the early European morning.

Subsequent price action showed compression, with narrower hourly ranges signaling potential stabilization. The $2.97 zone again acted as a support floor, absorbing downside pressure. However, the sequence of lower highs and lower lows indicates lingering bearish momentum, and the $3.04–$3.05 range now serves as immediate resistance for any rebound attempt.

Overall, ICP’s technical setup reflects a consolidation phase between $2.97 and $3.15, with no clear breakout catalysts in sight. Traders continue to monitor whether volume contraction suggests exhaustion of selling or a prelude to a new directional move. For now, range-trading strategies dominate as ICP oscillates within this well-defined corridor.

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.