ICP Battles Bearish Trend, Key Support Levels Tested

Internet Computer (ICP) has been on a bearish trajectory since meeting resistance, raising questions about its future direction. After a recent recovery from a year-low crash, ICP faced resistance and resumed downward pressure as selling volume increased. The altcoin, which has been following Ethereum's pattern, is now trading at a critical support zone daily, with a recent attempt to break through the $7 and $5.8 support levels proving unsuccessful.

Analysts suggest that ICP may soon experience a major breakdown to the $3 level, given the low selling volume at the time of writing. However, if the bulls manage to defend the support zone, a mini-recovery towards $9 could be possible, potentially restoring bullish hope for a positive move. Despite the current calm, the price may remain in a brief consolidation phase before resuming its bearish trend.

The immediate support level for a drop is $5.81, with the next levels being $4.5 and $3. On the upside, ICP recently held the $7.74 level as resistance, and a push above this resistance could bring a little recovery to the $9 level. Higher resistance levels to watch for recoveries are $10.5 and $12.9.

Key Resistance Levels: $7.74, $9, $10.5

Key Support Levels: $5.81, $4.5, $3

Spot Price: $6.87

Trend: Bearish

Volatility: High