ICX Technical Analysis: $0.81 Retest Brings A Selling Spot

Key technical points:

Past Performance of ICX

ICX coin price plunged 33% within a week as the bulls got crushed under the massive supply overflow near the 200-day EMA. The downfall cracks under the 50 and 100-day EMA and multiple horizontal levels and the psychological barrier of $1. Hence, the recent retracement comes as the fallout retest of the $0.81 support level. 

Source-Tradingview

ICX Technical Analysis 

ICX coin price shows a shakeout reversal to cool down the bearish downfall before continuing the same path. Hence, the retest of the $0.81 level comes as an excellent reversal entry point if higher price rejection is observed later today. 

The bearish alignment of the daily EMAs (50, 100, and 200) maintains a  bearish trend in the daily chart. Hence, the recent retracement to the 50 days EMA comes as a retest and might shortly give a bearish reversal.

RSI Indicator: The RSI slope shows a bullish reversal in the nearly oversold zone after cracking under the 14 days average line. Moreover, the 14 days average line continues the bearish trend to reach the halfway line.

Stochastic RSI: The K and D lines in the daily chart are merged in the oversold territory and are ready to give a bullish crossover. However, a sideways trend below the 30% boundary if the downfall continues after the retest.

In a nutshell, the ICX technical analysis highlights the selling opportunity near the $0.81 mark.

Upcoming Trend 

The ICX  coin price shows a short bullish retracement to test the $0.81 support level before continuing the bearish trend to reach the $0.65 mark. Hence,  traders can expect a bearish reversal if the prices show long wick formation later today.

Support Levels: $0.65 and $0.55

Resistance Levels: $0.81 and $0.91