ICP Tumbles 10% as Coinbase Cuts Pairs, RSI Near Oversold
Internet Computer (ICP) is the worst-performing token in the top 100 today, down about 10% and slipping to a one-week low below $3. Its market cap has fallen to roughly $1.6B, pushing ICP to around the 55th-largest cryptocurrency.
The selloff aligns with a broader market correction. Bitcoin (BTC) dipped under $80,000, while several major alts—including Worldcoin (WLD), Cronos (CRO), Arbitrum (ARB), and Aptos (APT)—dropped 7–8% over the past day.
A specific catalyst is also cited: Coinbase reportedly removed six non-USD trading pairs, including ICP/USDT and ICP/GBP. Liquidity reduction can lower trading volume and weaken confidence during a downturn. However, the article notes ICP remains widely tradable on other venues such as Binance, Bybit, Bitget, and OKX, limiting the potential damage.
On the chart, ICP Relative Strength Index (RSI) is around 28, near the oversold zone (below 30), which can precede a bounce. Analysts Kong Trading and JAVON MARKS highlight bullish structure: Kong Trading points to strong staking conviction (nearly half of ICP’s supply locked for years), while JAVON MARKS flags a Falling Wedge pattern that could trigger a breakout potentially targeting a multi-fold move (up to $10 mentioned).
Traders should weigh the near-term pressure from ICP pair removal and market-wide risk-off against the oversold RSI and positive technical/staking signals.
Neutral
The news is mixed, so the expected impact is neutral. On the bearish side, ICP is down ~10% amid a broader market correction (BTC under $80K; alts also sliding). The Coinbase removal of several non-USD ICP pairs (including ICP/USDT and ICP/GBP) can reduce liquidity and trading activity, which often worsens price action during selloffs.
On the bullish/offsetting side, ICP’s RSI is near 28 (close to oversold), and analysts cite supportive fundamentals and structure: high staking conviction (large portion of supply locked) and a Falling Wedge pattern suggesting a potential breakout. Similar historical cases show that oversold RSI plus tightening supply can trigger rebounds even after exchange-liquidity shocks.
Short-term: volatility may stay elevated while liquidity thins and traders de-risk. Long-term: if the technical reversal and staking supply narrative hold, ICP could recover faster than peers. Traders may treat this as a near-term dip-buy/mean-reversion setup only if selling pressure eases and RSI turns upward.