ICON is a decentralized blockchain network focusing on interoperability. It's a “blockchain transmission protocol' and independent blockchains like Bitcoin and Ethereum can connect and transact with each other. This opens up cross-chain use cases that are impossible without an interoperability layer like ICON.

ICON Network is a general-purpose blockchain protocol based on the native cryptocurrency ICX. It can run smart contracts, adopt the BFT-DPoS (Delegated Proof-of-Stake) consensus protocol, and use an economic-governance protocol called DPoC (Delegated Proof-of-Contribution). Moreover, the <a href="https://www.cryptoknowmics.com/news/icon-launches-new-loop-fault-consensus-algorithm/">ICON Network</a> is powered by a proprietary blockchain engine called 'loopchain'. Also, it has the ability to handle hundreds of transactions per second.

<img class="alignnone wp-image-189163" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2021/02/ICX27th-300x183.png" alt="ICX Price Analysis" width="667" height="407" />

<a href="https://www.tradingview.com/x/3MsSywrk/">https://www.tradingview.com/x/3MsSywrk/</a>
<h2>ICX Price Analysis</h2>
The trading volume in the past 24 hours is $136,657,305 that constitutes an increase from the previous day. The current tendencies in the average trading volume reveal the increasing demand for ICX coins. This is happening on the backdrop of the decreasing supply of the corresponding cryptocurrency. While the currency had moved drastically in the past 24 hours, it has now around $1.57. Since yesterday, it has moved from $1.6 to $1.5 levels quickly bringing a consolidation pattern. The prices have moved down, but the ADL has moved up. This shows a temporary phase. Post this the prices will move up again within 24 hours.

ICX is in a price fluctuation phase and is now moving in the clear to go upwards. It is a good time to invest. The currency is in a narrow-band of $1.56 to $1.58 indicating prices. Thus, it could move either way, but the volumes are supporting a neutral to positive move ahead.

The Advance Decline Ratio is 0.7. It shows a strong indication towards a price increase and the momentum of the price rise will be positive and strong.

Furthermore, there is enhanced interest and applications in the DeFi networks. REN will be a strong part of it. Also, it will be one of the top traded currencies in this area.

ICX Below the Average Highs of Past Few Weeks - Technical Analysis

The Advance Decline Ratio is 0.7. It shows a strong indication towards a price increase and the momentum of the price rise will be positive and strong.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

ICX Below the Average Highs of Past Few Weeks - Technical Analysis

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