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 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 


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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