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- Bearish movement is still following the price
- The ICX’s link with Cardano and Algorand.
- The volume is decreasing may be the time for the bull to support
ICON is a layered blockchain focused on building a multichain bridging solution that is scalable and secure. ICON is a hub that connects partner blockchains with all other blockchains. It is a thriving ecosystem of dApps, that includes deFi protocols, NFT platforms, games, and more.
Unlike other bridging solutions, ICON presents an interoperability solution that is limited neither by the base technology of the blockchain nor by the number of existing connections.
The present market conditions of ICX say a downwards trend in the long-term and neutral in the medium and short-term. While the current price for one coin is $0.6112 with a gain of 3.12% and volume is at $44,581,122.94 with an increase of just 13.41%. the lowest value for price in the past 24 hours is $0.2923 while the highest was $0.4024 The value for the Bitcoin pair lies at 0.0000182 which is also at an increase of around 5.63%. The last support which was broken was at $0.300.
ICX’s market price movement is strongly correlated with that of the cryptocurrencies Algorand (ALGO) and Cardano (ADA), two much more widely traded crypto coins, with daily trading volumes running into billions.
While analyzing the short-term (4 hours) graph using the MACD indicator the MACD line is making a negative cross indicating a bearish movement making the candle red and again broke the support of $0.300. While the relative strength index has not crossed the mark of overbought or oversold yet. However in the 45 min time frame the MACD is indicating a strong bearish movement. The analysts believe that there are many possibilities for price to go down, the bears are again trying to dominate the bull gang. The token needs to get the focus of bulls as the price has fallen about 2.53% in the past 7 days. So, it is necessary for the bulls to activate and bring the token out of the hands of bears and to put a stop to the crashing price.
Conclusion
The conclusion for today’s analysis says that the bear gang is dominating the bulls and if the trend continues the price will further go down, another reason for the crashing prices can be the relation between ADA and ALGO. But there are many chances of a bull getting involve
Technical levels
Resistance: $0.855
Support: $0.300, $0.500
ALSO READ: Ancient Russian Prison Found To Be The Breeding Ground For Crypto Mining
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
