ICX Technical Analysis: Consolidation Breakout Hopes to Reverse Death Cross
ICON Network is a layer-1 blockchain that originates from South Korea. Its goal is to create an interoperable blockchain system that bridges the gap between online communities and companies.
The network focuses on delivering real-world benefits by improving hyperconnectivity via the promotion of transactions that are free of friction.
Let us read ahead to know more about the ICON technical analysis.
Past Performance of ICX
At the start of December, the collapse of $1.5 caused a 40% downfall, retracing the prices near $1. However, the support level halts the downtrend and results in a consolidation range. The range is intact in the 4-hour timeframe, but the recent price jump with a higher low formation hints at a possible bullish breakout.
ICX Technical Analysis
The recent higher low formation in the consolidation range indicates an early bullish trend and the breakout of previous highs within the range. Therefore, it is likely that the price could break above the $1.35 mark.
Moreover, the price breaks above the 50 and 100-period EMA in the 4-hour chart and rises higher to the 200-period EMA at $1.47. Therefore, the increasing buying pressure in the ICX coin price hints at the breakout of the consolidation range.
On the daily chart, the RSI indicator at 44% shows a gradual rise in the slope from the oversold zone. However, the slope is still under 50% and the central line breakout will showcase a turnaround in the current trend.
Furthermore, the MACD indicator shows a rising trend in histograms in the daily chart. And, with the recent crossover driving the MACD and signal lines higher to touch the zero line.
Cumulating the technical indicators, the bullish breakout of the consolidation range is highly likely. Therefore, traders can find an excellent entry spot upon the $1.35 breakout.
Upcoming Trend
The increasing possibility of the accumulation range breakout brings bullish attention to the ICX coin. Therefore, a bullish price movement in the starting few weeks of 2022 is highly possible.
However, the death cross in the daily chart poses a dangerous bearish threat. Anyhow, the current breakout and growth in buying pressure can reverse the bearish threat.