ICX coin price faces a sudden surge in selling near the 200-day EMA resulting in a 16% discount within the last week. Should you buy this dip?

Key technical points:
<ul>
 	<li style="font-weight: 400">ICX prices have decreased by 11.42% in the past 24 hours.</li>
 	<li style="font-weight: 400">In addition, the price collapsed under the 100-day EMA.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Icon is $36.18 Million, marking a 10.75% fall.</li>
</ul>
<h2>Past Performance of ICX</h2>
ICX coin price showcased a unique rounding bottom pattern with the neckline at the $1 mark. However, the high momentum bullish rally started from the $0.60 mark failed to give the bullish breakout. It was due to the increased selling near the resistance confluence of the neckline at the psychological barrier at $1 and the 200-day EMA.

<img src="https://s3.tradingview.com/snapshots/f/fThwCR1K.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/fThwCR1K/">Tradingview</a>
<h2>ICX Technical Analysis </h2>
ICX coin price fails to sustain above the $1 barrier and falls under the $0.90 mark accounting for a 16% downfall and creating the three black crows pattern. Hence, the price action indicates a high probability of freefall to the $0.82 mark.

As the Icon prices fail to surpass the 200-day EMA, the reversal breaks below the 100-day EMA and struggles to find support at the 50-day EMA. Moreover, the reversal halts the 50 and 100-day EMA crossover and results in their sideways movement. 

RSI Indicator: The RSI slope shows a sharp fall from the overbought boundary to the halfway mark and cracks below the 14-day SMA during the fall. Hence, the RSI line reflects a sharp decline in underlying bullishness.

MACD Indicator: The MACD and signal lines give a bearish crossover as the bears overtake trend control and initiate the new bearish run in MACD histograms. Hence, the indicator provides a strong bearish signal.

The ICX technical analysis highlights the increased selling pressure is driving the prices below $0.90 and planning to break the 50-day EMA.
<h2>Upcoming Trend </h2>
ICX coin price experiences a high-selling drive fueling the ongoing downtrend and increasing the chances of the $0.82 breakout. However, the reversal from the 50-day EMA will create a cup and handle pattern with a neckline at $1. 

Support Levels: $0.82 and $0.65

Resistance Levels: $1 and $1.25

ICX Technical Analysis: Sellers Dominate As Bullish Pattern Fails 

ICX coin price faces a sudden surge in selling near the 200-day EMA resulting in a 16% discount within the last week. Should you buy this dip?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

ICX Technical Analysis: Sellers Dominate As Bullish Pattern Fails

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