ICP consolidates near major demand zone after prolonged downtrend
Internet Computer (ICP) is trading at $4.78, hovering near a critical support area after a period of sustained weakness. Despite recent losses, buyers are stepping in at key levels, suggesting that the coming sessions could determine whether ICP stabilizes or continues its downward trajectory.
The 4-hour chart shows that ICP has been consolidating within a wide range after peaking above $6.50 in July. The token fell sharply, breaking below its rising wedge pattern, and has since tested the $4.70–$4.80 demand zone multiple times.
Currently, ICP is holding just above this green support area, a level that has historically attracted significant buying interest. On the upside, the nearest resistance sits around $5.15–$5.20, followed by a stronger supply zone at $5.50–$5.60, where sellers previously capped rallies.
If ICP fails to maintain support, the next major downside target would be the $4.20–$4.30 range, which has not been tested since early summer.
BITX Analysts stress the importance of the current level in shaping ICP’s short-term outlook. “The $4.70 region is a make-or-break point for ICP. A decisive rebound here could spark momentum toward $5.20, but a breakdown risks opening the door to fresh lows.”
, “We are seeing lower highs since August, which reflects seller control. Bulls need to push above $5.20 to confirm a shift in momentum.”The outlook for ICP remains neutral to bearish in the short term, with price action constrained between major support at $4.70 and resistance at $5.20. A breakout on either side is likely to dictate the next major move.
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.