ICX Price Analysis: After Pushing The Coin By 125%, The Bulls Take A Breather

ICX Price’s Halting Rally Has A Silver Lining, Possibly
  • ICX coin was in a 30-day long bull run before breaking a crucial diagonal support
  • ICX price has confirmed the breakdown as it took resistance from the same support(Change in Polarity)
ICX
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ICX price has confirmed the halt in the bull rally this morning by taking resistance from the old support which helped the coin surge by 125%. Now we can expect the coin to either stay consolidated or witness  a minor profit booking momentum in the upcoming trading sessions. The market cap and 24-hour volume of the coin are $445,776,105 and $78,639,569 respectively. 

ICX Price’s Halting Rally Has A Silver Lining, Possibly 

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ICX price has shown signs of possible consolidation in the rally since the bulls started buying back the coin at immediate support levels, which might gradually form a flag and pole pattern in the upcoming days. 

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The ICX coin volume suggests that the bears have successfully pushed the coin below from today’s high, creating a new resistance(upper line of the downward channel). The price range volume analysis shows many buyers against the seller, which have prevented the coin from collapsing further. 

The coin is current;y below the 10 EMA($0.792) and VWAP($0.7692) while it is sustaining above 20EMA($0.7435) and 50EMA($0.64). The coin has also taken support from 61.8% Fibonacci level, indicating a possibility of mere retesting and not a complete reversal. 

The RSI also retreated from the resistance of 73 as the coin prices declined. The RSI is currently ebbing towards its support which is possibly at 41-49 levels. A consolidation of RSI at the current level may result in the formation of flag and pole pattern. 

The MACD(8,21,5) also beeped a sell signal as the coin made a new all-time high. However the fresh buying has made the signal line intersect the slower line once(while declining/), which shows that the reversal isn’t a strong one and instead causes consolidation.  

Conclusion – 

The ICX coin has given a ray hope as the bulls refuse to exit the trade altogether. There is a slim possibility that the coin might form a flag and pole pattern in subsequent days. Prices bounced from 61.8% Fibonacci levels which shows it might be a mere retesting and not a complete reversal.

Support: $0.7435(20EMA),$7071(61.8% Fibonacci levels) and $0.64(50EMA)

Resistance: VWAP($0.76), 10EMA($0.79) and upper BB($0.8862)

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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