ICON Price Analysis: ICX Coin 20% Green Despite A Red Flag In Crypto Market

By Brian Bollinger
December 28, 2021 Updated December 28, 2021
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The ICX coin started displaying positive signs from the $1 support from mid-December. The increasing underline bullishness of the price initiated a new rally which is currently 65% from the bottom. Today, the token showed a sudden boost in its price, which could be triggered by the 1:1 Airdrop of both ICY and ICZ tokens for ICX and sICX holders.

ICON/ICX Coin In The Daily Time Frame Chart

TradingView ChartSource-Tradingview

Past Performance in ICX coin Chart

The ICON coin price carried a steady rally from late July, making a high point at $2.7. However, this peak was a third touch to the resistance zone near $2.5, and after the last retest, the coin entered a correction phase. The pair lost 58% from this previous high and plummeted to the 0.786 Fibonacci retracement level.

ICON Coin Price Breaks Out From A Rounding Bottom Pattern

The ICX coin stayed near $1 support for nearly two weeks, trying to identify sufficient demand pressure. The coin chart started showing lower price rejection candles to begin a recovery rally at this support.

This new rally eventually showed a rounding bottom pattern in the 4-hour time frame chart. Today, the price finally provided a decisive breakout from the $1.8 neckline, indicating more potential for this rally.

The pair is currently in a retest phase and trying to hold above the new support. The crypto traders can consider entering a long position if the price shows enough sustainability above this level or $1.65.

By the time of writing this article, the ICON coin is trading at $1.82, with an intraday gain of 17%. The 24hr volume change is $593.8 Million, indicating a 818.42% hike. As per the Coinmarketcap, the coin stands at 83rd rank with its current market cap of $1.26 Billion(+10.36).

ICX Coin In The 4-hour Time Frame Chart

TradingView ChartSource-Tradingview

Technical Indicators-

-The daily Relative Strength Index(53) of the 12-hour time chart frame shows a steady upward rally, approaching the overbought territory.

-Today, the ICX price crossed above the 50 and 200 EMA line with its huge bullish candle, reclaiming its bullish alignment. 

-the important chart level for this coin are;

Resistance; $2, $2.2

Support; $1.8, $1.68-1.66

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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