ICP extended its decline on Monday, slipping further from its early-November highs as renewed resistance pressure and surging volume put the spotlight on support levels near $4.70.
ICP fell 5.57% over the past 24 hours to $4.8119, deepening its retracement from last week’s peak. The drop pushed the token decisively below the $5.00 mark — a longstanding pivot level that has repeatedly shaped price action in recent months, according to CoinDesk Research’s technical model.
The day’s trading featured a wide intraday range, with ICP touching a low of $4.69. Activity picked up meaningfully, with volume running 98% above the daily average, making it one of November’s busiest sessions. The surge coincided with multiple failed attempts to reclaim the $5.00 region, reinforcing it as a firm resistance zone following the sharp retreat from monthly highs near $9.50.
Lower-time-frame data shows several stabilization attempts around $4.70, where short-lived rebounds produced a sequence of higher lows alongside notable volume spikes of 207K and 167K tokens. These signs hint at early efforts to base, though ICP remains capped by overhead resistance.
Structurally, the market has shifted into a short-term consolidation phase. Immediate upside pressure emerges around $4.75, with the $5.00 area remaining the critical level bulls must reclaim. On the downside, the $4.69–$4.70 band continues to serve as the key support that will determine whether further downside unfolds in the coming sessions
