Internet Computer (ICP) Retraces November Gains as Crypto Markets Slip Into Caution Mode

The broader crypto market has continued to wobble this month after Bitcoin slipped below the crucial $100,000 psychological benchmark, an event that has shaken confidence and revived discussions of a potential bear season. Altcoins have felt the weight of this sentiment, and Internet Computer ($ICP) is no exception. After staging an impressive breakout in early November, $ICP is now retreating sharply, testing a major multi-month demand zone that could determine its next direction.

Over the past seven months, $ICP traded within a wide consolidation band between roughly $3.70 and $6.50, repeatedly rejecting both boundaries. This range acted as the backbone of its price structure until early November, when a sudden burst of momentum propelled $ICP above $9.00 for the first time in months. However, that rally proved short-lived. Since mid-November, the token has reversed aggressively, dropping back into the thick of its old range and now resting on one of its most contested support floors.

$ICP Recent Price Action:

The early November breakout initially signaled a shift in market structure. $ICP broke above all major daily moving averages: 20-, 50-, 100-, and 200-day EMA, forcing a short-term bullish narrative. But as Bitcoin’s broader sell-off intensified, $ICP’s momentum faded. A series of lower highs formed across mid-November, leaving the token unable to reclaim the 20-day EMA, which has now turned downward.

$ICP/$USDT Price chart (TradingView)">

$ICP/$USDT Price chart (TradingView)

Price has since slid back to the $4.00–$4.20 zone, a region that acted as a strong support base throughout April–October. $ICP is currently hovering slightly above this level, with selling pressure still evident but slowing.

Bullish Scenario:

For bulls, the key lies in defending the $4.00 support. Historically, this level has triggered multiple rebounds, and holding it could provide the foundation for another attempt to reclaim momentum. A bounce here would likely target the 20-day EMA first, followed by the cluster of resistance formed by the 50-, 100- and 200-day moving averages around $4.75–$5.15.

A daily close back above this resistance stack could reinstate a bullish structure, opening the door for a push deeper into the multi-month range. The next target zone would be $5.80–$6.50, which marks the upper boundary of $ICP’s long-running consolidation band.

Bearish Scenario:

If bearish pressure intensifies and $ICP decisively loses the $4.00 floor, the structure turns significantly weaker. A breakdown here may send price toward $3.50, a level not visited since early October before the November breakout. Failure to stabilize between $3.50–$3.70 could expose $ICP to deeper losses, potentially revisiting the sub-$3.00 wick seen during the extreme September volatility event.

A continued rejection from the declining EMAs would further support the bearish case, signaling that sellers remain firmly in control.

Outlook

While $ICP’s early-November surge hinted at a fresh trend, the rapid reversal driven by broader market weakness places it back into a defensive stance. The next few sessions around the $4.00 support level will be critical. If buyers step in—as they have many times before—$ICP may stabilize and attempt a recovery. But a breakdown could confirm a deeper retracement, especially if Bitcoin continues to struggle below the six-figure psychological barrier.

For now, traders are watching the range with caution, aware that market sentiment remains fragile.