Hello everyone,
Today in this post I am going to write about the ICON(icx) coin which is one of the coins standing in the top 100 of the CMC list. The current position of this coin is 87. At the time of writing this post, ICON is trading around $2.20 on Binance and all other major exchanges.
As their website suggests, it is a Decentralized Aggregator Network With Interoperability. ICON's blockchain transmission protocol allows cryptos like BTC, ETH to connect and transact with their blockchain because of its interoperability layer. The ICON network is mainly powered by a proprietary blockchain engine called loopchain which makes it able to handle hundreds of transactions per second. This chain can also run smart contracts like Ethereum.
Technical Analysis
After looking at the 1-day chart I found icx very much bullish from the starting of 2020 to all the way along. According to Coinmarketcap, its all-time high was $12.64 which happened 3 years ago. From that, we can see that this isn't a new coin and on the market for a long time.
After looking at the recent 1d chart, I found it on an uptrend. But on April 19, it broke the uptrend but could go further getting a bounce from the support zone. And it started to rise again and it successfully broke out the resistance zone of $2.20-$2.30 which was created before. As the support zone is now the resistance it tried to break the zone twice as you can see but was unable to do that and holding the zone very nicely.
We can see a lot of wicks of the candle in this which shows sellers tried hard to break the zone but because of the buyer's interest in the market every time it went back up. But we can also see that the market isn't moving much and consolidating in that specific zone for a time being. This could happen because of two reasons either there are equal amount of buyers and sellers in the market or some whales are accumulating in this zone(which is a sign of pump)
Now if we go a step back to the 4H chart we can observe that last time when it broke its lower high line, it moved approximately 90%. After that, it did some correction even dumped to that lower high line but bounced back from there. Now we can see another lower high line which the market is trying to break at this moment and if it could break this out, it can give us another move like the previous one. If you are thinking why should it move that much, I would say it's an alt season running on and also this coin has good fundamentals which I will be sharing in a bit.
If we come 1 step down to the 1H chart we can see a nice support zone(which we have already seen in 1D, but clear in this chart) which is around $2.13-$2.23. I believe this zone will be held if BTC doesn't do any uneven downwards movement as well know no matter what when BTC falls, everything follows it. I have personally bought some bags in this zone.
Fundamentals
ICON has some good news coming in. You can see them in the picture. One of the most important ones is coming soon on 31 May or earlier which is the ICON token swap launch. You can learn more about the launch by clicking here. Also, they have some more important updates like data migration and bridge release in the future which shows the positivity of the project.
I believe this token can return 2x+ in a month or so if the market doesn't move unevenly and everything gets done by the project on time.
To read and learn more about this project you can visit their website and social links:
Medium:
Twitter: https://twitter.com/helloiconworld
Reddit: https://www.reddit.com/r/helloicon
Legal Disclaimer:
I am in no way a financial advisor nor is any content in this article presented as financial advice. This post is my personal opinion, do your own research before making any investment decisions. Executing any trade after reading this post, is completely your responsibility. I can not be held responsible for any of your losses that may occur. By reading this post you acknowledge and accept that.