ICX Technical Analysis: High Momentum Uptrend Aims Towards $3
ICON is a blockchain network that is decentralized and focuses on interoperability. Independent blockchains such as Ethereum and Bitcoin can now connect using ICON's "blockchain transmit protocol." This allows cross-chain use cases that would not be possible without an interoperability layer such as ICON.
Let us now take a deep look into the technical analysis of Icon.
Past Performance of ICX
With a price jump of up to 5% on 12th November, the ICX coin price breaks above the resistance zone near the $2.25 mark. The breakout increases the chances of a bull run to $2.5.
ICX Technical Analysis
The price action showcases the ICX coin rising higher in an uptrend, with the follow-through candle forming in the daily chart. Therefore, we can observe phenomenal growth in the next few days.
As per the Pivot Points, the bull run will face resistance near the $2.45 and $2.81 marks. However, if the price shows sudden reversal, a downfall to $2.20 is possible.
The RSI slope at 68% approaches the overbought zone in the 4-hour chart. Moreover, there is no significant divergence in the uptrend or consolidation. Hence, the RSI indicator gives a buy signal for the ICX coin.
The MACD and signal lines maintain a bullish alignment and rise higher in the 4-hour chart. Moreover, the histograms showcase solid bullish growth. Hence, the MACD indicator gives a buy signal.
The 50, 100, and 200 EMA maintain a bullish alignment as they rise higher in the 4-hour timeframe. Moreover, the 50 and 100 EMA generate a bullish crossover attracting more buyers.
Upcoming Trend
As per the technical analysis of Icon, the ICX coin initiates an uptrend with a $2.5 breakout. Furthermore, as per the Fibonacci Levels, the next resistance level of the uptrend is at $2.5 and $3. Hence, traders can find an entry opportunity at current prices or safe traders can wait for the retest of the $2.25 mark.