Crypto Market Analysis

ICON (ICX) Buying Opportunity?


Market Cap. $1.27B

Circulating Supply 387.23M ICX


Crypto Max Supply: 0 ICX

Volume (24h): $50.43M

ICX tradingview:

ICX/USD increased today as much as 3.544012 level but failed to stay above the 3.4807593 yesterday’s high and now is showing some exhaustion signs. The last hour’s drop could be natural after the impressive rally. It could test and retest the broken resistance level before will move towards new highs.

ICX tradingview

The ICX/USD has finally managed to break out above the minor downtrend line and to jump above the lower median line (LML) of the ascending pitchfork again. It remains to see if this will be a valid breakout. The breakout above the minor downtrend line has signaled that we may have a larger rebound. Personally, I want to see if the rate will stabilize above the lower median line (LML) of the ascending pitchfork before I go long again.

We’ll have a great buying opportunity if the rate comes back down trying to retest the outside sliding line (SL2) before will stabilize within the ascending pitchfork’s body. The first significant upside target will be at the inside sliding parallel line (SL1). A valid breakout above this dynamic obstacle will lead the rate towards the median line (ML) and the upper median line (UML) in the upcoming months if the technical factors continue to drive the crypto market.

ICON buying opportunity

I’ve drawn on the H4 chart a perfect bullish scenario. Right now is risky to go long as the rate is far away from the near-term support levels. You can go long now, but only if you place a large Stop Loss somewhere below the 2.3562634 level, or you could wait for a retreat towards the SL2 and only them to buy the ICX/USD with a minor Stop Loss below the sliding line (SL2).

© Forex.Academy


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