How Does ICX’s Increase Compare to That of 2017?

ICX Highlights

• The ICX price has increased by 225% over the past ten days.
• The current price increase is the third fastest in the prices’ history.

Trader & investor @crypto_rand outlined the ICX price chart, which shows an increase of 320% since his original post. This massive increase has lead to comparisons with the upward movements recorded in 2017.

$ICX | Printing a +320% from the radar alert.

Is this 2017, Sir? pic.twitter.com/y9z4RywOah

— Crypto Rand (@crypto_rand) February 4, 2020

Let’s take a closer look at this increase and determine how it stacks up with those reached in the bull market of late 2017/early 2018. Note: This analysis will mainly compare the current movement to that of 2017. For an analysis focusing solely on the current movement and technical indicators, click here.

Current Increase

Since breaking out from a descending wedge on January 24, the ICX price at one point increased by 225% in only ten days, amounting to a 22.5% increase per day. The increase began from a low of 1800 while the price is currently at 5600 satoshis, previously reaching a daily high of 6479 satoshis.

ICX 2017/2018 Increase

During 2017/2018, the price recorded three principal upward movements that lasted for 7, 6, and 12 days, respectively. The first movement transpired from December 18-25, and the price increased by 818% in 7 days, for a massive daily rate of increase of 119%. This completely dwarfs the current daily rate of increase, which is only 22.5%. What is interesting is that this movement began when the price reached a low of 5500 satoshis, which is very close to the current price level of 5600 satoshis. The second movement transpired during January 3-9, and the price increased by 148% in 6 days, amounting to an average rate of increase of 24%, only slightly higher than the current one. The final increase (Jan 17-29)  was slower, amounting to an average rate of increase of only 6.3%. A takeaway from this period is the fact that as the price gets higher, the increase measured in percentage gets smaller, which makes sense. Also, the current price is slightly lower than the low during the first increase, so the ICX price will probably not see diminishing returns in the near future.

Sustainable Rate Of Increase?

There is a solid resistance area found at 52,500 satoshis. From the current price level, ICX would have to increase above this resistance in less than a week to reach a daily rate of increase comparable to that in December 2017. Therefore, even though the current price movement has become parabolic, increases of this magnitude are not unprecedented. In fact, the ICX price has been known to go on runs that have a more significant magnitude and are faster than the current one. So, this seemingly unsustainable rate of increase should not be considered a factor in determining that the ICX price has reached a top. To conclude, even though the ICX has more than doubled in value over the past ten days, the increase pales in comparison to those of the 2017/2018 bull market. Therefore, if the previous price movement is any indication, we could see the ICX rapid increase continue for some time.