Traders Eye Potential Recovery as ICP Finds Support
After a volatile week in the crypto markets, Internet Computer (ICP) has shown signs of resilience, rebounding 1.04% to $2.94 and partially reversing its recent decline. The rebound came as buying activity increased near the $2.90 support zone, suggesting traders are cautiously accumulating after a sharp sell-off earlier in the week.
The ICP/USDT pair on the daily chart indicates a notable bounce from the lower range of a key support area between $2.80 and $3.10. Technical data suggests that buyers are attempting to establish a short-term floor, with the $3.00 psychological mark now serving as a battleground between bulls and bears.
BitXJournal Market analyst noted that “ICP’s rebound above $2.90 hints at a possible short-term trend stabilization, but sustained momentum above $3.20 is needed to confirm a meaningful recovery.”
The recent chart pattern reveals that ICP broke out of a descending wedge pattern, a structure often associated with potential reversals. However, price action remains capped below the previous supply zones near $3.70 and $4.30, areas where sellers previously reasserted control.
Volume trends also show a modest uptick as traders returned to the market, following weeks of declining participation. “We’re seeing early signs of renewed interest, but the market remains cautious amid broader crypto weakness,” said BitXJournal technical strategist.
If ICP sustains above the $2.90–$3.00 support, analysts expect a test of the $3.50–$3.70 resistance range in the coming sessions. Conversely, failure to hold this level could reopen downside risks toward $2.60, a level that previously triggered buying interest in late October.
In the broader context, Internet Computer remains 56% down from its mid-year highs, but the latest rebound offers a glimmer of stability amid ongoing volatility.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.