The Internet Computer Protocol (ICP) experienced downward pressure on Monday, The fall of 2.39% to $ 3.1967 Amid bearish momentum across mid-cap altcoins.
The token failed to maintain its footing above $3.27, triggering renewed downside pressure and a wave of short-term avoidances, according to Coindesk Research’s technical data analysis model.
ICP traded at $3.275, briefly climbing to $3.3099, before falling to an intraday low of $3.15. Volume climbed to 860,100 tokens, nearly double the recent average, underscoring heightened participation from traders repositioning after the breakdown.
Despite the sharp pullback, the bulls are starting to circle near the $3.15-$3.20 zone. This area coincides with the recent accumulation from early October, and a successful defense could prompt a technical bounce back to the $3.25-$3.27 resistance. Momentum indicators remain overextended, indicating that selling fatigue may be near, although confirmation depends on volume contraction and stabilization above the current range.
Traders will now check the ICP to see if the token can convert the short-term weakness into a higher low formation. A recovery through the $3.27 resistance could re-establish the upward bias and set the stage for a test of $3.30-$3.35, although sustained pressure below $3.15 would expose downside risks towards $3.10 and $3.
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