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

After falling below key short-term averages in previous sessions, ICP regained its footing, closing back above $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 notably, with volume rising 20% ​​above its seven-day average and peaking at 1.39 million units around 10:00 GMT.

The rebound aligns with improving sentiment across major layer-1 networks, where traders appear to be positioning for short-term strength after a volatile October. ICP’s underlying fundamentals have also bolstered confidence, with the blockchain maintaining leadership in transaction throughput compared to other major networks.

Technically, the recovery reinforces the asset’s broader ascending trend structure, with support now established between $2.89 and $2.92. Holding this range could serve as a launchpad for another test of the $2.98–$3.00 zone — a level that previously sparked stronger rallies. A close above $3.00 would mark a full reversal of the week’s earlier losses and could reintroduce bullish momentum heading into November.

Disclaimer: Parts of this article were generated with the assistance from 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.