ICP faces the $3.00 psychological threshold: Can this support level remain intact?

The value of

Protocol (ICP) dropped by 3.2% to $2.9891 on October 30, after it was unable to surpass the $3.15 resistance, representing a notable technical setback for the asset. This decline came after a turbulent 24-hour period where fluctuated between $2.98 and $3.17, with significant selling activity driving the price back toward the lower end of its established range. Trading volume soared to 290% above its average during the downturn, reaching a peak of 2.67 million tokens around 18:00 , as traders responded to the unsuccessful breakout.

The inability to move past $3.15 has further established this price as a strong resistance, with market observers highlighting that the failure to build momentum above this level has led to a steady pullback. The price later slipped below the $3.04 support during early European trading hours, consolidating close to the $2.97 mark. This area has repeatedly cushioned declines, but the ongoing pattern of lower highs and lows points to persistent bearish sentiment. Traders are now assessing whether the $3.04–$3.05 band could spark a recovery, or if the token will continue to trade within the $2.97 to $3.15 range.

The current technical picture suggests a period of consolidation, with no obvious breakout triggers at present. Market watchers are analyzing trading volume to determine if the recent selling could be losing steam, indicating a possible reversal, or if it signals the start of a new trend. At the moment, range-bound strategies are prevalent as ICP continues to move within this defined channel. A

pointed out that the recent price behavior highlights the necessity of strict risk controls, given the increased volatility and lack of a decisive trend.

ICP’s broader market outlook remains uncertain. While some industries, like semiconductors and financial services, have benefited from earnings upgrades and positive forecasts, the crypto sector is still contending with larger economic headwinds. For example, NXP Semiconductors (NXPI) posted third-quarter results that met expectations, and S&P Global Inc. raised its 2025 earnings outlook, signaling optimism in certain equity segments. Nevertheless, these positive signals have not yet translated into stronger support for ICP, which continues to be driven by technical factors.

Looking forward, ICP holders are primarily watching crucial support and resistance points. A decisive move below $2.97 could lead to further losses, while a successful retest of $3.15 could revive bullish momentum. Investors are also monitoring broader market signals, such as macroeconomic indicators and regulatory updates, which may affect risk sentiment and liquidity. For now, the struggle to maintain the $3.00 psychological level is seen as the most significant factor shaping ICP’s short-term direction.