ICP Price Struggles Below $3.50 Amid Key Support Test

• ICP’s bearish trend continues, with resistance holding strong at $4.48–$7.52.
  
• The TD Sequential 9 suggests a potential end to the downtrend near $3.20 support.
  
• Price action around $3.20 is crucial for confirming potential reversal or further downside.

The price of Internet Computer (ICP) stands at $3.41 today, reflecting a 2.23% decline in the last 24 hours and a 15.17% drop over the past week. This follows a broader bearish trend with significant resistance levels still intact.

Internet Computer (ICP) has faced persistent downward pressure, continuing a bearish trend after a 5-wave decline. From its November swing high, the price has dropped into a key Fibonacci support zone between $2.27 and $3.11.

However, the break of a previously tracked micro support level strengthens the overall bearish outlook. Despite occasional rebounds, the broader structure remains negative.

Recent rallies into resistance zones between $4.48 and $7.52 have failed to sustain, showing the market’s reluctance to break through these levels.

A bullish reversal currently does not align with the price action, and the trend seems to favor further downside unless proven otherwise.

Resistance continues to play a crucial role in ICP’s price action. The $4.48–$7.52 zone has consistently rejected price attempts to move higher.

While minor rallies from the $3.40 range have been seen, these have not lasted, reinforcing the bearish momentum. For a reversal to materialize, ICP needs to break through these resistance points decisively.

The price structure appears corrective, indicating that any rebounds may only be temporary within the broader downtrend.

Until these resistance levels are breached, there is a higher likelihood of continued downward pressure, as the market remains in a vulnerable state.

The TD Sequential indicator recently printed a 9 on the daily chart, a signal of potential exhaustion in a downtrend. After a steep decline, this could indicate that the market is nearing a point of consolidation or a temporary reversal.

Currently, ICP is at a critical level around $3.40, with $3.20 being the key support. If this level holds, a short-term recovery could occur, with initial resistance seen around $3.60 to $4.00.

However, a failure to maintain $3.20 would open the door for further downside, potentially pushing ICP to lower levels like $2.80.

ICP’s current price action remains bearish, with key resistance levels still intact. The TD Sequential’s recent 9 suggests a potential reversal, but the $3.20 support level will be crucial in determining the next move for ICP.

Traders should monitor this level closely to gauge whether the downtrend will continue or if a reversal is imminent.