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Technical Analysis

Icon (ICX) Price Reaches Make-or-Break Point

2 mins
Updated by Ryan James

In Brief

  • ICON (ICX) broke out from a descending resistance line.
  • There is resistance and support at $0.40 and $0.26.
  • ICON (ICX) could be in wave three of a five-wave increase.
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The ICON (ICX) price is attempting to find support, create a higher low, and resume its upward movement toward the next resistance.

The ICX price broke out from a descending resistance line on April 1. It reached a maximum price for the year at $0.49 four days later. However, while this seemingly caused a breakout above the $0.40 resistance area, the price created a long upper wick during the next 24 hours and fell afterward. Such wicks are considered signs of selling pressure.

The ICX price has fallen since and is approaching the $0.26 horizontal support area.

Despite the sharp fall, the daily RSI has not generated any bearish divergence yet. Moreover, it still trades above 50, a sign of a bullish trend.

As a result, the ICX price may bounce at the $0.26 horizontal support area and make another attempt at moving toward the $0.40 resistance. A breakout from the latter could catalyze a pump to $0.60.

On the other hand, a close below $0.26 could trigger a drop to $0.23.

ICON (ICX) Price Breakout
ICX/USDT Daily Chart. Source: TradingView

ICON (ICX) Price Prediction for April: $0.60 Within Reach?

The technical analysis from the six-hour time frame provides a bullish ICX price prediction for April. The main reason for this is the wave count, which bodes well for the future price. 

The ICX price is in wave three of a five-wave upward movement (white). This is usually the sharpest out of the five waves. The sub-wave count is given in black, showing that the ICON price is completing a fourth wave pullback. The pullback may end at the middle of the previous ascending channel (green circle), which also coincides with the $0.26 horizontal support area. Afterward, the ICX price could increase to the long-term resistance at $0.60. 

Even though the wave count is bullish, a drop below the sub-wave one high (red line) of $0.24 would invalidate it. If true, this could cause a drop to the $0.18 support.

ICON (ICX) Price Wave Count
ICX/USDT Six-Hour Chart. Source: TradingView

To conclude, the most likely ICX price forecast is an increase toward the long-term resistance area at $0.60. This bullish forecast would be invalidated with a decrease below $0.24. In that case, the price could fall to $0.18.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.