Internet Computer's ICP token maintained a range-bound trading pattern on Friday, November 28, 2025, with its price hovering around $4.14. This stability occurs at a time when the broader cryptocurrency market is experiencing significant fear. Over the preceding 24 hours, the ICP token saw a 1.79% increase, but it was down 4.68% over the last seven days. Its market capitalization stood at $2.22 billion, with daily spot trading volume around $114.36 million. Notably, ICP has experienced a substantial decline of approximately 47% from its mid-October highs, which were above $9.
Technical Indicators and Price Action
Technical indicators suggest a cautious outlook for ICP. The daily Relative Strength Index (RSI) is currently at 35.06, positioned below the 50 midpoint and approaching oversold territory. The Moving Average Convergence Divergence (MACD) indicator is negative at -0.28, though its flat histogram suggests a waning downward momentum.
The token's price action is currently confined below a critical zone of Exponential Moving Averages (EMAs) situated between $4.33 and $4.65. The $4.00 level is acting as immediate support. On the daily chart, the lower Bollinger Band is approaching $3.10, while the pivot point at $4.04 indicates a neutral short-term structure.
ICP's trading volume has decreased by 15% over the past week, reflecting low market activity. However, the short-term 15-minute RSI at 65 offers a hint of minor upward movements within the $4.00 to $4.12 range.
Market Sentiment and Bitcoin's Dominance
The cryptocurrency market continues to be dominated by fear, as evidenced by the Crypto Fear & Greed Index, which has remained in the "Extreme fear" territory for three consecutive days, currently standing at 20.
Bitcoin continues to hold a dominant position in the crypto market, with its dominance level rising to 58.56%. The total cryptocurrency market capitalization is at $3.12 trillion. This scenario is characterized by major liquidity flowing out of altcoins and into Bitcoin, driven by ongoing inflation concerns and uncertainty surrounding Federal Reserve interest rate cuts.
On-Chain Data and Development Activity
On-chain data presents a contrasting narrative, suggesting underlying resilience. Exchange balances have decreased by 22% in the last 30 days, with $3.62 million in outflows recorded in the past week alone. This trend is often interpreted as an accumulation signal.
Despite continued volatility and price declines, active addresses have seen a 35% increase month-over-month. Transaction volumes have reached 18-month highs, and GitHub activity has surged by 37%. This heightened development activity is largely attributed to ongoing advancements in AI-focused canisters and projects such as Caffeine AI's no-code platform.
Key Levels for Potential Breakout or Breakdown
Periods of extreme fear can often precede capitulation and subsequent rebounds, positioning ICP at a significant inflection point. Analysts anticipate a base case scenario of range-bound trading through December 2025, barring any major market-moving events.
A sustained daily close above the $4.33 to $4.65 EMA zone, accompanied by an RSI moving above 50 and a positive MACD crossover, could lead to a near-term target of $5.92. A reclaim of weekly levels between $6.50 and $7.50 could follow.
Further positive catalysts could include Bitcoin's dominance falling below 55% or the Fear & Greed Index rising to neutral levels of 50 or higher. Such developments would likely unlock increased flows into altcoins. Some long-term models still project ICP reaching $10.77 by the end of 2025, supported by subnet capacity upgrades to 2 TiB and increasing enterprise adoption of ICP's ISO 20022-compliant infrastructure.
Conversely, bearish risks remain. A failure to maintain support at the $4.00 level could result in a decline toward $3.85, $3.35, or the lower Bollinger Band near $3.10. Traders and investors are reportedly closely monitoring trading volume and EMA crossovers for confirmation of the prevailing direction.