Hello everyone. I wanted to lay out my thoughts on ICX and where it will be going in the next 4 months.
Currently Icon (ICX) is valued at $1.75 or around there.
I believe Icon will be valued at near $32 by the summer. I have a few things to back this sentiment up. This will take some time and explaining. So if you want to grab some popcorn or something.
First things first, the W%R I believe it will stay supported until the summer. The reason for the support is the continuous work on the platform. Anything above the -20 is considered over valued, but when an asset like icon is still undervalued it can and will stay up there until a trend reversal happens. I believe that this trend will persist through the summer for the following reasons.
Balanced DOA weekly Airdrip.
ICX scarcity.
ICX Defi.
ICX staking.
South Korean retailer Danal.
The Balanced coin is to be distributed to ICX staking participants weekly starting some time in March. The protocol acts as a debt/collateral loan that generates weekly interest. In order to collect interest you must first stake ICX on the verified wallets. You must have a collateral to loan ratio of 4/1. So for every $400 you will get a loan of 100 balanced tokens. These tokens will generate interest over time. And they can be swapped for the pegged value of both digital and physical assets, through the DOA technology. This alone is huge, but isn't all that needs to be considered. If you have time and are this far, I recommend reading the white paper of the Balanced coin here. balanced.network/resources/balanced-white-paper-v1.0.pdf
ICX Scarcity. There is a circulating supply of 525M icx. As of writing this, it's market cap is close to that of 900M just under a 1B market cap. At the value I believe the coin will go to, $32 the market cap of ICON would be closer to $16.8 Billion USD. This would put it at a similar market cap of ETH when it was $160. Why am I comparing it to ETH? Because it has similar functions. The ability to build native tokens on its network. ICX actually has just gone through an award adjustment. The more icx that gets staked the less icx there will be split between everyone. Icx will become more and more scarce as more people start staking. You can see how much you could earn monthly and how much is staked on the network here. icxstakr.io/
Icon just last week released their Icon-Fi wallet. Allowing you to stake and generate interest on USDC, BTC, and ETH and of course...ICX. The returns need a minimum of 0.01 BTC and 0.5 ETH before interest is generated. I'm not sure why but no one is talking about this, but I feel like by itself icon should be up there with AAVE and uniswap alone. Given how absolutely insane ETH gas prices are, that is probably the reason. No one wants to move their assets around on ETH. The gas price is just to high.
As for staking the ICX token, I have talked about it already but every coin staked takes 8 days to become un-staked. So it does take time through the network but that's why the first point with the balanced coin is so important. seriously. If you have the time to read this. You probably have time to read that white paper. I'll post it one more time right here. balanced.network/resources/balanced-white-paper-v1.0.pdf Alternatively if it's late where you are just buy some ICX and go to bed and don't just hold it, stake it and get ready to collect your balanced coins.
My last point that I am bullish on is the South Korean retailer Danal. They do $5.5 B worth of sales from 60,000 shops in Korea including 7-11 gas-station, Domino's Pizza, and KFC. Currently on the Korean iOS store paycoin, the application used from Danal Korea is number #4 and growing on the free to use applications service. The number one application is upbit the largest Korean crypto exchange. The acceleration is coming, and I hope you all don't miss it. cryptoninjas.net/2020/11/12/korean-payment-giant-danal-joins-icon-blockchain-ecosystem/
Anyways those are my thoughts and feelings on the subject. The charts a bit messy, but for the most part we will be going through the parallel channel and being stopped by the rainbow of fib resistances on the way up. Hope you all enjoyed the reading. Peace out.
people will look back at this, and realize they fucked up by not getting in icx, i have moved literally all my assets into it.
Goldkodak
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@harrisssoonnn I personally feel like I can not take the risk by not adding to my stack.
harrisssoonnn
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@Goldkodak, airdrops also confirmed weekly, 12% staking, all this news coming out, i think this year will be crazy for icx man
Goldkodak
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@harrisssoonnn agreed. $31.50 is me low balling my actual estimate.
Goldkodak
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@Goldkodak I just need more price action. A few more months should help me.
studiogeek
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@harrisssoonnn, I was checking in to see if this was a good time to finally take profits on ICX, being in since 2017. I guess not :-) I'll continue to hold.
harrisssoonnn
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@studiogeek, do not sell ... we have not even started yet, icon 2.0 all the real world news coming out, you will cry if you sell here
future213
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Great analysis. Agree with all the DEFI products to be launched in March, Icon 2.0 about to launch in July i think we will e in 30-35 USD range. Seoul government going to use ICON 2.0 and SCOIN could be launched as well, and all the MY-ID partners start using ICON 2.0.
ayokings
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I agree with this analysis, but I'm a little more bullish. I see $50- $55 USD mid March