ICP/USDT at Key Support Level: Major Bounce or Further Decline?On the Weekly (1W) timeframe, ICP/USDT remains in a long-term bearish structure, characterized by a clear sequence of lower highs and lower lows after failing to sustain the double-digit price zone. Price is currently retesting a historical major demand zone at 3.23 – 2.70, which previously acted as the base for a strong bullish impulse.
This zone is extremely critical, as it represents a key weekly support and a decision area that will determine whether ICP enters a long-term accumulation phase or continues its bearish trend.
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Key Levels
Major Weekly Demand / Support:
3.23 – 2.70 (yellow box)
Nearest Resistance:
3.90 – 4.60
Mid-Term Resistance:
6.85
Major Supply Zones:
10.95 – 14.55 – 18.80
All-Time High Reference:
38.02
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Pattern & Structure Explanation
1. Descending Market Structure (Bearish Trend)
Price continues to form lower highs from the 18–20 region, confirming strong seller dominance.
2. Potential Base Formation / Double Bottom (Conditional)
Repeated reactions around 3.23 – 2.70 suggest a possible long-term base, but confirmation is required through a structural breakout.
3. Long Lower Wick Rejection on Weekly Support
Strong lower wicks indicate buying interest and demand absorption, often seen during early accumulation phases.
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Bullish Scenario
The bullish scenario becomes valid only if:
Price holds above the 3.23 – 2.70 demand zone
A strong weekly close above 3.90 – 4.60 occurs
Bullish Targets (Step by Step):
4.60 → initial recovery confirmation
6.85 → structural resistance
10.95 → major supply zone
14.55 – 18.80 → potential distribution area
This scenario reflects a long-term accumulation and recovery phase rather than a short-term breakout.
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Bearish Scenario
Bearish continuation is likely if:
Price breaks and closes below 2.70 on a weekly basis
No strong bullish reaction appears inside the demand zone
Bearish Implications:
Failure of the historical demand zone
Increased downside momentum
Potential move into lower price discovery zones
A breakdown below this area would signal structural support invalidation and full seller control.
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Conclusion
The 3.23 – 2.70 area is a make-or-break zone for ICP.
As long as price holds above this level, long-term accumulation remains possible. A confirmed breakdown, however, would open the door for further bearish continuation.
This is a decision zone, not a FOMO area.
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