ICP tightened into a narrower trading band below $4.95 after heavy activity during a failed rebound attempt added to immediate downside momentum.
The token fluctuated within a $0.48 intraday window — about 9.6% volatility — as every push toward higher levels was met with resistance, according to CoinDesk Research’s technical analysis model.
A key turning point came at 19:00 UTC on Wednesday, when trading volume spiked to 5.63 million tokens, roughly 85% above the daily average. The surge coincided with yet another unsuccessful move above $4.98, firmly establishing that level as short-term resistance. Even though ICP briefly hit $4.99 during a mid-session bump, the rally stalled almost instantly and the price reversed lower.
More recent hourly action showed ICP sliding beneath $4.93, extending the earlier breakdown and tightening pressure around the $4.90 psychological area. While price briefly steadied near $4.917, the broader setup continues to signal a bearish lean unless ICP can recover and hold above $4.98.
The next meaningful support sits at $4.63, a level that has repeatedly acted as a pivot during previous pullbacks. Without a renewed burst of volume toward the top of the range, ICP is likely to remain confined between $4.63 and $4.98, with the next decisive trend emerging only after a clear break on either side.
