Welcome to this quick analysis of ICX. Diving straight into this, ICX seems to have been trading within an upward channel, printing higher highs and lower lows...
I am leaning rather bullish on this set up for the following reasons,
1. We are sitting on the lower end of the channel
2. RSI is low
3. Stoch RSI is low
Also note ICON's DEX is due to launch 30th June ;)
Be mindful of the timescale, if we do break the upward channel, we may see further FOMO in anticipation of the DEX release.
However, if ICX is indeed going to rollover, i'd say the lowest support to be found at the 23% fib, or 0.00026000 range. Despite ICX falling below the 50MA (in gree), we have seen it recover from it at the early part of April. The bearish case however, may be for ICX to retest and fail on the 50MA - this would be a cause for concern.
Nonetheless, my Risk-Reward Ratio is rather favourable at this point in time.
Remember, its all about risk management ;)
I am leaning rather bullish on this set up for the following reasons,
1. We are sitting on the lower end of the channel
2. RSI is low
3. Stoch RSI is low
Also note ICON's DEX is due to launch 30th June ;)
Be mindful of the timescale, if we do break the upward channel, we may see further FOMO in anticipation of the DEX release.
However, if ICX is indeed going to rollover, i'd say the lowest support to be found at the 23% fib, or 0.00026000 range. Despite ICX falling below the 50MA (in gree), we have seen it recover from it at the early part of April. The bearish case however, may be for ICX to retest and fail on the 50MA - this would be a cause for concern.
Nonetheless, my Risk-Reward Ratio is rather favourable at this point in time.
Remember, its all about risk management ;)