Hello trading friends,
ICX had normally to have better times in 2021 , and depending on more reasons as the breakdown trends, ICX did not hit the target of 3 USD. and was not far from that target.
There are more reasons why sometimes it's better for coin to make a return below trend and today ICX is in a place that could be interesting for the long term spot-...
ICX (ICON) is moving in a well-shaped parallel channel on the weekly chart. It has been reacted well to an important level at $1.2 which is also a long-time dynamic support and the bottom line of the main channel. IF it bounces from this level and stabilizes above the EMA200 (Ideally at $1.4) we can expect the price to test the resistance at $2.5. The target price...
ICX is about to breakout out of a 3 year down trend in the usd pair. A break above .618/.7 resistance zone around $2.80 would be confirmation. If ICX breaks this zone I would expect all time highs to be reached pretty quickly. Look at LRC/USD for comparison.
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If the former resistance as support holds ICX Icons looks far higher.
Red lines broke idea fails. Take profits on the road.
DYOR and please let me know what you think (feedback)
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Currently at the top of the 3day ema ribbon, the top of the weekly ema ribbon, and right under the log growth curve. As you can see, ICX has used each of these indicators as support/resistance multiple times. ICX/USD looks like it's either about to rocket up or get sent back down to the gulags. Either way, big move coming, personally I'm bullish but cautious.
Major resistance and support levels:
On the weekly time frame chart, we have three major support and resistance levels. While moving towards the upside the price line faced strong resistance at $2.30 and after being rejected made another attempt and broke out this resistance. Then finally after finding very strong resistance at $3, the price action dropped down...
ICXUSDT is looking pretty weak, failing to get close to the ATH of 2018 of $10.28 during this bull run, with only reaching a 1/4 of that at $2.68.
With so many of the old guard of 2018, reaching and surpassing their ATH's of the previous bull run, this is a pretty clear sign of weakness.
Now that the bull run is looking pretty dead, there are no chances of even...
In a world of competing chains, the only way we see rapid growth with ICX and break this current trajectory (given the overall crypto macro landscape remains net bullish, and alt coins are in fashion), this would be the rough path to the previous ATH and new ATH with a rough fractal.
Sometimes you've just got to zoom out a bit and sit on your hands.
Trading Signal:
A Trading Signal is seen in the ICXUSDT ICON
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ICX is currently breaking above resistance area. I bought at market few moments earlier, may be a good idea to get in!
RSI gave a buy signal.
EMA's gave a buy signal.
TP at $3 area, about 10% profit.
Good luck!
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