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ICON Price Analysis: ICX Continues Its Bearish Streak as Bulls Faced Pressure by the 200 EMA

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ICON Price Analysis
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  • ICX diminished from a high of $1.28 to a low of $1.08 all in Saturday’s intraday session 
  • The ICX/BTC pair is trading at 0.00003071 with a loss of 8.19% at press time
  • ICON Foundation partners with ICONFi to develop an automated token swap system to handle all forthcoming token swap requests in a streamlined format 

Wednesday’s widespread sell-off oppressed ICX’s price action as evidenced by the breach of a lengthy support trend line. The breakdown was accompanied by an enormous red candlestick which kicked ICX to February lows at $1.18

The following week, ICX price action displayed an accumulation phase with the intention of maintaining support at that particular level. Perhaps, this could be the projection of an upcoming bull rally if ICX managed to sustain above $1.18. 

On the upside, ICX  might face confrontation by FIB 0.232 on account of it being opposed by aggressive sellers. A decisive close above this range would reveal an explosive situation in the upcoming sessions 

While ICX exhibits difficulty in maintaining support at $1.18, the EMAs have declared a bearish crossover on the daily chart. The failure of ICX to tackle the 200 EMA as resistance would expose a death cross scenario for this token. 

ICX Price Action on the 4-hour chart 

The price action of ICX on the 4-hour chart is confined inside the bearish continuation pattern called the Falling Wedge. According to pivot points, the critical resistance of $1.53 is exactly in convergence with the FIB 0.236. An intervention of this resistance would declare an exit ticket out of the wedge thus flipping it into a bullish reversal pattern. 

The Crypto Volatility Index (CVIX) of ICX is currently flashing 71, which means traders must brace themselves for significant price fluctuations. 

The current price of ICX is trading at its crucial support level of $1.18 as mentioned above, which is established on the back of a -3.17 decrease in the last 24 hours. While its accomplishments on the 1-year time frame amount to 248.71%. The expected volatility for the next 2 weeks is at its highest value. 

ICONFi Supports ICON’s TokenSwap

Back in 2018. ICON had migrated to its public blockchain and swapped to the original ERC20 Tokens with its native ICX tokens through a TokenSwap campaign. In inorder to change the shortcomings of the current token swap which includes expensive ETH fees, the ICON Foundation had decided to partner with ICONFi. 

This merger will resolve the issue of both time and money faced by ICO Token holders and will make their experience better by providing support 24/7.

Continue reading here

SUPPORT : $1.18, $0.81


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