Analytics

ICX Technical Analysis: Look Out for the Downside Scenario of $2.2460

The ICON (ICX) helps two independent blockchain Bitcoin and Ethereum connect and transact with each other. It can function like this by opening up the cross-chain with an interoperability layer which is ICON. The following ICX technical analysis will predict the price movements for the next two days:

Past Performance

In the past seven days, ICX has traded between $2.13 and $3.08, which is also a 30-day-high. The price has fallen steeply in the past 24 hours, but volume has risen by 133% in the given time frame.

Link: https://www.tradingview.com/x/ewaI829E/

Day Ahead And Tomorrow

In the past 24 hours, ICX has fallen by almost 19% from its daily high, which was $2.86. At the time of press, ICX was trading at $2.24, the gains of the previous hours were booked causing the prices to fall marginally.

The MACD did go above half-line but due to the declining bar, it was pulled down. The traders who look out for such observations should short the position from this level.

RSI being the leading indicator is traveling around the equilibrium. It will remain in the equilibrium phase for a while before indicating any strong reversal. RSI is in a bearish zone around 48%, and it still has some potential to go towards the oversold zone. Shorting the position from this level would work.

ICX Technical Analysis 

According to the trend, the Fibonacci retracement level to look out for in the downside scenario is $2.2460. If this support is broken, a trader can short the position and target the $1.9216 level – which is the next support level.

In the case of an uptrend, the first resistance price that will have to break is $2.5087. If the candle closes above this level, then you can take a long position with a target of $2.7670. Keeping the stop loss of $2.2460.

   

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