ICP’s Sharp Price Drop Contrasts with Rapid Growth in Its Ecosystem
- ICP's price plunged below $4.33 on Nov 21, breaking key support after a 224% volume spike, signaling short-term bearish momentum. - On-chain data shows rising active wallets, transaction throughput, and developer activity, suggesting growing ecosystem utility and whale accumulation. - Shrinking exchange liquidity and capital rotation toward L1s position ICP for potential breakout, with $4.33 retest critical for reversing bearish sentiment. - Ethereum's macro challenges could redirect capital to undervalu
The
ICP’s value fell to $4.369 on November 21,
The combination of declining liquidity and a shift of capital toward active Layer 1 (L1) networks
If momentum turns positive, ICP’s first resistance is at $22, then $28, and possibly the $35–$40 range. However, reclaiming $4.33 for an extended period would be essential to shift the current bearish outlook. At the same time,
Although ICP’s technical indicators remain weak, the underlying fundamentals offer a more complex story. Rising on-chain activity, increased developer involvement, and shrinking exchange supplies all point to a potential breakout that could catch the market off guard. As the token consolidates near $4.30, the next few weeks will reveal whether this accumulation phase leads to a sustained rally or continued sideways movement.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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