Internet Computer Extends Pullback as $5.00 Break Reinforces Bearish Sentiment
Internet Computer (ICP) continued its retreat from November highs after repeatedly failing to breach key resistance levels, with elevated trading volume highlighting the market’s focus on support near $4.70.
Over the past 24 hours, ICP fell 5.57% to $4.8119, extending the retracement from last week’s highs and confirming the token’s slide below the psychologically important $5.00 level—a pivot that has repeatedly influenced price action in recent months, according to CoinDesk Research’s technical analysis model. Intraday lows touched $4.69, marking the bottom of a wide trading range.
Trading activity surged, with volume climbing 98% above the daily average, one of the highest levels seen this month. The spike coincided with multiple unsuccessful attempts to reclaim the $5.00 area, cementing it as a clear resistance zone after ICP’s steep decline from monthly highs near $9.50.
Intraday data also suggests tentative signs of stabilization around $4.70. Brief recovery moves produced a series of higher lows alongside volume bursts of 207K and 167K tokens, hinting at early support even as ICP remains under pressure.
Overall, the market structure points to short-term consolidation. Immediate resistance sits near $4.75, with the more significant hurdle at $5.00. Key support between $4.69–$4.70 will be crucial in determining whether ICP can halt its decline or risk a deeper retracement in the sessions ahead.
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