Two Altcoins that May Have Finished Correcting

The short-term patterns suggest a further reversal and continuation of the previous upward movements.

ICON (ICX)

The daily ICX chart shows that the price has been decreasing since reaching a high of 4,046 satoshis on May 26. However, it is possible that the price has finished correcting, as is evidenced by the bounce on the 0.618 Fib level on June 15, and the subsequent reclaim of the 0.5 Fib level along with the 100-day moving average (MA). The reclamation of the latter is especially important since this MA has intermittently been offering support and resistance to the price since the beginning of April.

The short-term chart reveals that ICX has been following a short-term ascending support line since June 15. In addition, it has reclaimed the 3,400 satoshi area, which is now likely to act as support. However, the price is still trading below the 50 and 200-hour MAs. Reclaiming these two MAs, followed by their bullish cross would indicate that ICX has initiated its upward move. If this happens, ICX is likely to continue moving upwards, possibly towards the May highs near 4,000 satoshis.

Dusk Network (DUSK)

Another coin with a similar setup to ICX is DUSK. Well-known trader @PostyXBT stated that the coin has completed its correction and is ready to continue its upward movement.

We’ve been given the opportunity for a good entry here. Happy with my position. Much more relaxing with a clear invalidation level! R:R is ~5 here.

Indeed, DUSK has previously broken out from the 345 satoshi resistance level, nearly reaching a high of 400 sats. The price has been decreasing since, however, and this 345 satoshi level is now likely to act as support. This theory is strengthened by the presence of the 100-day MA and the ascending support line.

The daily chart reveals that the road upward won’t be easy. The price is facing strong resistance at 430 satoshis, also strengthened by the 200-day MA. If successful in breaking out, the next resistance area would likely be found at 650 satoshis. The daily RSI has generated some bearish divergence, however, diminishing the chances of a significant upward movement transpiring.