<strong><em>ICX price action forms a double top pattern within the falling channel pattern teasing a potential 15% downfall as the overall market corrects.</em></strong>

Key technical points:
<ul>
 	<li>The ICX market value reduced by 5.86% in the last 24 hours.</li>
 	<li>The double top pattern has a neckline at $0.33.</li>
 	<li>The 24-hour trading volume of Icon is $15 Million, indicating a rise of 55.7%.</li>
</ul>
<h2><strong>Past Performance of ICX</strong></h2>
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.

<img src="https://s3.tradingview.com/snapshots/a/a5lHtFMi.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/a5lHtFMi/">Tradingview</a>
<h2><strong>ICX Technical Analysis </strong></h2>
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.
<h2><strong>Upcoming Trend</strong></h2>
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.

<strong>Resistance Levels:</strong> $0.41 and $0.50

<strong>Support Levels:</strong> $0.33 and $0.27

ICX Technical Analysis: Double Top Promotes Selling Within Channel

ICX price action forms a double top pattern within the falling channel pattern teasing a potential 15% downfall as the overall market corrects.

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: Double Top Promotes Selling Within Channel

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