Will ICON Reclaim $0.40 Mark with Price Recovery Action in Cryptomarket?

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • ICON is moving significantly positive with the overall gain of around 5.00% amid overall bullish sentiment in the market
  • With the positive move, the altcoin is strongly targeting the crucial price level of $0.40
  • The ICX/BTC pair is also performing positive with the gain of 0.76% bringing the current level to 0.00003523 

Icon has been one of the top-performing crypto assets on Friday’s trading session with an overall gain of 4.88% bringing the CMP to $0.389. The market capitalization stands at $221,494,626 with the 24-hour volume traded of $15,597,716. 

Source: Coinmarketcap

The intraday chart reflects on the gradual price recovery momentum built by Icon from the current positive move. On Thursday’s bearish market session, the crypto asset reached the support level of $0.35 which provided the much required positive push along with the overall bullish sentiment on Friday’s trading session. The altcoin is now setting up its pace for price recovery action in the market firmly. 

Technical Levels Suggests More Room for Improvement for ICX

Source: Tradingview

The technical chart highlights the significant downtrend faced by the crypto asset which brought the price levels from a bullish price of $0.70 to the critical support area of $0.35. Currently, the price levels are trading below 0.236fib level. The retracement table also indicates that there is major resistance placed at 0.618fib level for Icon. If it sustains the positive momentum in the current market session, we may able to see a positive breakout point further ahead in the market. 

RSI levels have improved due to the ongoing positive move. However, they are reflecting negative nature on the tip of the levels. The current level stands at 56.23.

CCI levels have made a huge improvement from the oversold region to the positive points. The current level stands at 150.18

MACD levels are still flattened and a broad bullish crossover will indicate strong bullish signals in the market.  

Where ICON can be headed? 

A positive breakout above the price level of $ 0.40 is looking at a possible outcome of this bullish move. However, if the level is crossed, the resistance mark of $0.42 will be waiting for the bulls. Any reversals can harm the positive momentum. If not, we may expect the coin to build a bullish rally thereon. 

RESISTANCE LEVEL: $0.42

SUPPORT LEVEL: $0.35 

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