The Icon is an aggregator blockchain network that facilitates interoperability and data integration among multiple blockchains. It is also a robust platform for developing and deploying decentralized apps. It improves transparency in cryptocurrency transactions and enables better interconnectivity across the globe. ICX is the customized token of this ecosystem. The technical analysis of ICX is as follows:
On Jun 3, 2021, ICX opened at $1.21. On Jun 9, 2021, ICX closed at $1.04. Thus, in the past week, the ICX price has decreased by roughly 14%. In the last 24 hours, ICX has traded between $1.02-$1.05.
Day-Ahead and Tomorrow
Currently, ICX is trading at $1.03. The price has decreased from the day’s opening price of $1.04. Thus, the market seems bearish.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.
Currently, the RSI indicator is at 36%. It faced rejection at 45% and fell to the current level. Thus, selling pressures are high. Hence, the RSI oscillator is giving further credence to the bearish market momentum indicated by the MACD oscillator.
Besides, the OBV indicator has also started falling steadily. Thus, selling volumes are higher than buying volumes. High offloading activity will exert downward pressure on the ICX price. In short, all three oscillators have given negative signals.
ICX Technical Analysis
Currently, the price is below the Fibonacci pivot point of $1.04. The price may soon fall below the first and second support levels of $1.02 and $1.01 respectively. If the bears remain strong, the price may even fall below the third support level of $1.
The price has tested and fallen below the 23.6% FIB retracement level of $1.027. It may soon fall below the 23.6% FIB extension level of $1.012. Thus, as of now, the bears seem strong. Hence, the price downtrend is expected to continue tomorrow as well.