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Market Analysis

ICONX Technical Analysis – Consolidation Continues

ICX has been requested by many members recently and we decided to cover the coin only when the time was perfect. Also called the “Korean Ethereum”, the project is aiming to hyperconnected the world using its unique Loopchain technology. The team already managed to apply the product in several industries such as the financial markets, universities and the health sector.

The South Korean venture has as a mission to unify blockchain communities and maintain their respective independence. Nowadays, the decentralized platform is working hard on interconnecting transactions among a different chain of blocks, as well as building meaningful partnerships for further adoption.

The technicals paint a picture of stagnation, the price has stagnated during the last semester of 2018 and the first trimester of 2019, with a lot of room to grow if we compare the current price with its ATH (-4264% down). Currently being traded at $0.30, the pair has a daily volume of around $11,9 Million and market capitalization of $143,22 Million. Its all-time high was reached the 10th of June of 2018 at $12.64.

Price action has rejected the $0.2875 level previously and wicks are showing exhaustion of the bearish momentum. Since April, ICXUSD has ranged between $0.4507 and $0.2875 and now bears seems to be entering again in the demand zone named before. From here, two scenarios are possible.

The first scenario is a strong bounce from the current levels ($0.3028-$0.2875). If bulls enter the game, the price may easily reach the $0.3512 and the $0.4507 resistance levels (targets highlighted in red). Those targets would be a 15% and 54% gain respectively. The second scenario contemplates a bearish breakout. If bears push the price below $0.2875, then the next demand zone would be $0.2508. Traders must closely watch TOTAL 2 and ETHBTC in order to evaluate the overall health of the altcoin market, as it is going to be one of the main catalysts for ICON to surge.

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