ICX Technical Analysis: Bullish Launch Awaits The $0.40 Breakout
Table of contents
Key technical points:
Past Performance of ICX
On April 3rd, a failed attempt from ICX buyers to surpass the 200-day EMA triggered a significant correction rally in a falling channel fashion. The death spiral depreciated the altcoin by 70% to eventually take support at the $0.33 mark. After taking support, the downtrend takes a lateral shift and forms a consolidation range with the overhead resistance at $0.40. However, the growing bullish influence on the accumulation leads to a higher low formation and increases the chances of a bullish breakout.
Source- Tradingview
ICX Technical Analysis
The ICX price shows a higher price rejection streak near the $0.40 barrier, and the lack of breakout attempts makes it more challenging for the buyers to surpass it. Moreover, the lack of a significant rise in the intraday trading volume questions the breakout. The 50-day EMA offers constant resistance to the price trend and assists bears in preventing a breakout from $0.40. Moreover, the bearish alignment of the falling crucial EMAs displays a long-coming correction phase.
However, the gradual rise in MACD and signal line to approach the zero line indicates growth in underlying bullishness. Thus, the rise in buying pressure may help the altcoin reattempt the $0.40 breakout. The wavy uptrend in the RSI showcases a gradual rise in the bullish sentiments and the buying pressure but struggles to surpass the halfway line. However, the 14-day SMA line provides reversal spots that help maintain the uptrend and increase breakout chances. In a nutshell, the ICX technical analysis suggests an increasing likelihood of a bullish breakout.
Upcoming Trend
The ongoing consolidation in ICX price reflects a growing influence of bullish sentiments, which increases the likelihood of upside release of trapped momentum. Thus, if the buyers breach the $0.40 resistance, the resulting rally could pump 20% higher to the 50-day EMA close to $0.50.
Resistance Levels: $0.40 and $0.50
Support Levels: $0.33 and $0.27