ICX Technical Analysis: Double Top Promotes Selling Within Channel

Key technical points:

Past Performance of ICX

The bearish trend continues to push down the ICX market value within a falling channel pattern that started in April. The bearish pattern accounts for a downfall of 70% along with the fallout of psychological barriers. Currently, the price action forms a double bottom pattern with a neckline at $0.33 which might shortly be breached as the selling pressure grows.

Source-Tradingview

ICX Technical Analysis 

ICX price struggles to sustain above the $0.33 neckline despite the lower price rejection seen in yesterday’s candle. Therefore, the price action displays a formidable selling pressure fuelling the bearish trend momentum which makes the fallout inevitable.

Falling under all the crucial SMAs - 50, 100, and 200-day, the bearish trend is relatively strong. Moreover, the bearish spread increases between the 50 and 100-day SMA after the recent crossover.

The Stochastic RSI indicator shows an end of the bull cycle as the K and D lines give a bearish crossover in the overbought territory. Hence, the indicator promotes the bearish theory and adds points to the breakout possibility.

The MACD indicator shows a bullish trend in action but the weakness is evident in the histograms trend. Hence, the possibility of a bearish crossover increases which will illuminate a selling spot.

In short, the ICX technical analysis indicates a high possibility of a double top breakout.

Upcoming Trend

If the sellers undermine the lower price rejection to find a closing under $0.33, a downfall to $0.27 is inevitable as the bear market resumes. However, an unlikely recovery will result in a positive retracement to $0.41.

Resistance Levels: $0.41 and $0.50

Support Levels: $0.33 and $0.27