ICX Reclaims Key Level, Aims for Highs Above $4

Share Article
In Brief
  • ICX has broken out from a symmetrical triangle.

  • It is trading above support at $2.20.

  • ICX is likely in the final sub-wave of a long-term wave three.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

The Icon (ICX) price has been decreasing since reaching a high on March 31.

Sponsored



Sponsored

Despite the drop, ICX has validated the previous breakout level as support. As long as it is trading above it, the trend is considered bullish.

Ongoing ICX breakout

On March 28, ICX managed to break out from a symmetrical triangle that had been in place since Feb. 16. This led to a high of $3.20 being reached on March 31.

Sponsored



Sponsored

Afterwards, the ensuing drop took the token back to the $2.30 area, which it validated as support.

Despite the ongoing bounce, technical indicators are neutral.

While the RSI has also bounced at the 50 line, the MACD has crossed into negative territory. Furthermore, the Stochastic oscillator has made a bearish cross.

Therefore, while the price action looks bullish, technical indicators fail to confirm the bullish trend.

Chart By TradingView

Wave count

Cryptocurrency trader @Mesawine1 outlined an ICX chart which shows a bullish count. He stated the possibility that the price could go all the way to $9.

Source: Twitter

The wave count is indeed bullish. 

ICX seems to be in a long-term wave three (white), which began in March 2020. 

The sub-wave count is given in orange. It suggests that the previously outlined breakout was the end of sub-wave four (orange). 

Therefore, the token is now in what is likely sub-wave five. A potential target for the top of the movement is located at $4.30. 

The target is found by projecting the length of sub-waves 1-3 to the bottom of wave four (orange). In addition, an external Fib retracement is used (black).

Chart By TradingView

Conclusion

To conclude, the ambiguity from technical indicators fails to confirm the direction of the trend. 

However, both the price action and the wave count seem bullish. Therefore, the most likely path suggests that ICX is likely to move towards $4.30.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

Follow Author

Crypto predictions with the Best Telegram Signal with +70% accuracy!

Join now

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go