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Long-Term ICON (ICX) Woes Turn Into Short-Term Bliss

2 mins
Updated by Adam James
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In Brief

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ICON (ICX), a South Korean-based startup, is aiming to ‘hyperconnect the world‘ by developing blockchain interoperability protocols and products allowing many different decentralized networks to interact and synergize with one another.
The initial hype behind the project was immense, as it was the largest Initial Coin Offering (ICO) in South Korea’s history — which also happened to debut on the cusp of the most explosive bull run in cryptocurrency history. ICON’s native ICX token hit the market at a price of $0.40 at the end of October 2017 and quickly shot off to an all-time high of $12 at the beginning of January 2018. Those days are long gone, however. As of today, ICX is trading at $0.28. This equates to a massive 97 percent loss since attaining its all-time high, making it one of the ‘biggest losers’ among the top 50 coins on the market.

Stochastic RSI

The 3-day stochastic RSI is sitting directly in the mid-range — appearing to be at the peak of third lower-high. Using history as a measure to gauge risk in the short term, it seems more likely than not that the price will soon head back down into oversold territory — most likely in the range of 0-10 on the scale. It should be noted that, when attempting to analyze the technicals of the market, one should never fully depend on examining one single indicator when making an investment decision.

Give Me A ‘W’

At the time of writing, ICX is already up 20 percent on the day, but could potentially see further gains in the days and weeks to come. Taking a look at the daily chart, we can see that in the previous two cycles since falling from the top, the price bounced drastically off of the bottom support of the descending channel before returning back down to land on the horizontal support. This movement creates a ‘W’ looking pattern that looks like it will soon complete a third repetition of the cycle. A short-term trade opportunity could potentially still be profitable by riding the wave to the top and selling off before it returns to the $0.26 range. On the other hand, it would be expected in the situation of further decline in Bitcoin (BTC) price that ICX would also fall as well. This is only a prediction using historical markers as a guide. History does not always repeat itself and ,thus, extra caution should be taken when considering opening a position. One should always remember that we are currently entrenched in a bear market, and there is a great deal of risk attached to any trade. Will ICX ever manage to return to double-digit prices? Has ICX hit rock bottom? Let us know your thoughts in the comments below!  Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile. The author of this article does hold ICX.
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.