The speculative bubble on the ICNXBT pair has pretty much fully retraced. Now, the orange line and the green trendline together form a strong support area at the 450-500 level, that should hold and it has done so in the past four days. The price is now being squeezed out of the triangle formed by this support and the downtrendline, wich is a bullish signal, although in this case quite a weak one. If bitcoin keeps rising, it will lift up the entire market and provided FOMO doesn’t kick in for bitcoin, ICN should start rising versus btc again.
Right now there is a lot of FUD around the utility of the ICN token, and crypto investors looking for quick profits are getting annoyed that there is not a lot of communication coming from the team. Recently however, Jani ensured investors via comments on Reddit that ICONOMI as a business is doing amazingly, compared to other crypto startups and also compared to regular startups. One example statistic: on average, 200k usd flows into BLX per day. In the future this will only go up, when the DAA management platform is released, and after that when marketing ramps up. To me, the ICONOMI team have never seemed like untrustworthy people, rather like people that want to create a fair and successful business, be the best in the game. Jani ensured us that patient investors will be rewarded, and I believe him. Therefore, this coin looks fundamentally very good, and it seems highly undervalued. The top 50 ICN wallets think similarly; they have all accumulated more coins recently, as a redditor pointed out.
As for targets; around the 0.5 fib extension of the previous rally is a significant price level, as this also corresponds to a previous fib extension, the pullback level of this downtrend, and approximately the ath of ICN's dollar value. I see this as a medium term target, but the way there will no doubt be a rollercoaster.
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As the ICNXBT pair continues to make lower lows, we could see the price going down to this second, flattest uptrend line. This will mean about -20% from here. If you are not yet invested, this will be an amazing buy opportunity, otherwise I suggest to hodl on to your coins and add to your stack if you can responsibly do so. s3.amazonaws.com/tradingview/snapshots/e/exEHzRZq.png This is in line with TALife's analysis:
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Price bounced beautifully off the second trendline s3.amazonaws.com/tradingview/snapshots/2/2wV1vmuE.png Unless Bitcoin sees another selloff, I think the bottom is in for ICNXBT. Fundamentals have always been strong, but in the recent September reddit AMA, some of the FUD has been addressed. Multiple use cases for ICN have been outlined for example. In the scenario that BTC does see another big drop, this may help keep ICN above the recent low, but uncertainty will then be high and a lower low is also definitely possible.
I agree with this analysis. I have been following ICN from the start when it only was 0.30 cent. Back then I knew this would go up to 2 - 3$ for sure... Now with all their running projects getting more shape and the team has proven to DELIVER what they say I wouldn't be surprised to see ICN at 10$ by the end of the year. This might be a peak moment though, but to me it's clear that this coin is ONE of the BEST investments for PATIENT people in the LONG run. (2 - 3 years.)
icarius
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Thanks for this great analysis. I agree that this is fundamentally a strong project. Unlike most other tokens it is based on a functioning and succesful product. This may not lend itself to hype and bubbles but it will prove a great investment in the mid- to long-term.
continualimprovement
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Thank you Repelsteeltje for this very useful analysis, it confirms what I am thinking about ICN. Since both the fundamentals and the technical alignement looks great I think this is a great time to invest, very likely to increase in value!