ICX Technical Analysis - How high can it go?
ICON, the decentralised network that interconnects different blockchains is seemingly building its path to success, with its portfolio of clients now including Samsung, Mirae Asset and KB Kookmin Bank. How does that reflect on the price of the token?
Taking a look at the weekly timeframe, we can ICX created a new low during the end of 2019 and the beginning of 2020. The major support level for the coin was $0.11, which is the price at which its ICO was.
ICO prices are important levels fundamentally, as seen on multiple different digital assets, because that is when original investors, who helped the company raise capital through a token sale, start losing money. Moreover, it's an opportunity for new entrants to enter at the lowest price yet traded by the asset. This of course differs from IPO's because the money raises is for the token that is used to transact on the blockchain, an asset that isn't directly correlated to the growth and successes of the ICON foundation.
By looking at the daily timeframe we can detect that price was ranging inside a large falling wedge in its approach towards $0.11, an indication of selling pressure dissipating. The target of that wedge was reached rather quickly, the next target stands at $0.45. As nothing goes up in a straight line forever, retracements and consolidations are to be expected with any trend. A plausible level for ICX to retest is $0.30.
Whether price action will be able to cross above the grey region of [$0.45-$0.60] or not cannot be foreseen, therefore we must await for prices to reach that level first before making assumptions.
If price is able to cross that liquidity block, then the next swing trade target will stand at the psychological and technical $1 mark.
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