ICP Rebounds Above $2.92 to Reverse Some Mid-Week Losses

ICP$2.9157 made a recovery thursday to friday, up 1.04% to $2.94 as the token reversed some of the previous declines of the week.

After falling below key short-term averages in previous sessions, the ICP regained its footing, closing above the $2.92 resistance in a sign of traders buying the dip, according to CoinDesk Research’s technical analysis data model.

The token advanced early on Thursday, forming higher lows at $2.80, $2.89, and $2.92 before reaching an intraday high near $2.98. Trading activity picked up sharply, with volume rising 20% ​​above its seven-day average and peaking at 1.39 million units around 10:00 GMT.

The rebound aligns with improved sentiment across major layer-1 networks, where traders seem to be positioned for short-term strength after a volatile October. The underlying fundamentals of ICP have also strengthened trust, with the blockchain maintaining leadership in transaction flow compared to other major networks.

Technically, the recovery reinforces the asset’s broader uptrend structure, with support now set between $2.89 and $2.92. Maintaining this range could serve as a launchpad for another test of the $2.98-$3.00 zone – a level that previously sparked stronger demonstrations. A close above $3.00 would mark a complete reversal of losses earlier in the week and could reintroduce bullish momentum into November.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.