ICX Technical Analysis: Sellers Dominate As Bullish Pattern Fails 

Key technical points:

Past Performance of ICX

ICX coin price showcased a unique rounding bottom pattern with the neckline at the $1 mark. However, the high momentum bullish rally started from the $0.60 mark failed to give the bullish breakout. It was due to the increased selling near the resistance confluence of the neckline at the psychological barrier at $1 and the 200-day EMA.

Source-Tradingview

ICX Technical Analysis 

ICX coin price fails to sustain above the $1 barrier and falls under the $0.90 mark accounting for a 16% downfall and creating the three black crows pattern. Hence, the price action indicates a high probability of freefall to the $0.82 mark.

As the Icon prices fail to surpass the 200-day EMA, the reversal breaks below the 100-day EMA and struggles to find support at the 50-day EMA. Moreover, the reversal halts the 50 and 100-day EMA crossover and results in their sideways movement. 

RSI Indicator: The RSI slope shows a sharp fall from the overbought boundary to the halfway mark and cracks below the 14-day SMA during the fall. Hence, the RSI line reflects a sharp decline in underlying bullishness.

MACD Indicator: The MACD and signal lines give a bearish crossover as the bears overtake trend control and initiate the new bearish run in MACD histograms. Hence, the indicator provides a strong bearish signal.

The ICX technical analysis highlights the increased selling pressure is driving the prices below $0.90 and planning to break the 50-day EMA.

Upcoming Trend 

ICX coin price experiences a high-selling drive fueling the ongoing downtrend and increasing the chances of the $0.82 breakout. However, the reversal from the 50-day EMA will create a cup and handle pattern with a neckline at $1. 

Support Levels: $0.82 and $0.65

Resistance Levels: $1 and $1.25