ICP is the worst-performing cryptocurrency today among the top 100, registering a roughly 10% decline in price.
Despite the drop, several technical indicators and analyst commentary suggest the pullback may be temporary and could set the stage for renewed upside momentum.
ICP Heads South
Just hours ago, ICP’s price fell to a one-week low below $3, and its market capitalization dropped to about $1.6 billion.
The drop in ICP mirrors a broader correction across the crypto market. Bitcoin slipped below $80,000, and several major altcoins—including Worldcoin (WLD), Cronos (CRO), Arbitrum (ARB), and Aptos (APT)—fell roughly 7–8% in the past 24 hours.
Coinbase’s recent removal of six non-USD trading pairs, including ICP/USDT and ICP/GBP, may have contributed to the downward move. When a major exchange removes trading pairs, liquidity for the affected assets is reduced, making it harder for traders to enter or exit positions. Lower liquidity often translates to thinner volume and weaker investor confidence, especially during market corrections.
That said, the impact would likely have been far worse if Coinbase had removed all ICP-related services. ICP remains listed and tradable on multiple major exchanges, such as Binance, Bybit, Bitget, and OKX. Two months ago, the South Korean exchange Upbit added ICP, a move that sparked a 16% price gain at the time.
Resurgence Could Follow
ICP’s Relative Strength Index (RSI) suggests the current pullback may be close to exhaustion. The RSI ranges from 0 to 100; readings below 30 often indicate an asset is oversold and could be primed for a reversal. ICP’s RSI is currently around 28, signaling a potential bounce if buying interest returns.
Market commentators also remain constructive. Kong Trading highlighted that nearly half of ICP’s circulating supply is locked in staking, with many holders committing tokens for multi-year periods. That level of long-term staking reduces available supply and can support price stability when holders demonstrate conviction.
“That’s not weak conviction. Hard to ignore when supply keeps tightening like this,” Kong Trading commented.
Analyst JAVON MARKS pointed out a technical Falling Wedge pattern forming on ICP’s chart and interpreted recent price action as showing relative strength. According to this view, a breakout from the wedge could trigger a significant upward move—potentially a several-hundred-percent increase above $10—and might mark the beginning of a larger trend reversal.
In summary, while ICP’s recent performance has been weak amid a broad market correction and reduced liquidity on some platforms, technical indicators and staking dynamics provide reasons for cautious optimism. Traders and investors should monitor liquidity across exchanges, RSI and chart patterns, and any further exchange listing changes that could affect volume and sentiment.