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Market Analysis

ICX Technical Analysis – New Partnership Sees Price Rally

23 Aug 2019 : 16:26
2 min read

ICON 24-Hour volume has topped $11.48 Million (ICX), which is a massive surge compared with previous historical data. Ranked 55th by CoinMarketCap and with a total capitalisation of $110 million USD, the project seems to be catching the attention of the bulls once again.

When analysing the daily and weekly chart, is clear that ICXUSD has bounced from a key demand zone. The $0.18 level has been strongly rejected several times in the past, specifically, December 2018 and February 2019. ICX weekly candles are now signalling the presence of the bulls. Last week candle closed Doji (above the $0.18 support), while this weeks candle may close as a bullish engulfing.

At the time of writing ICXUSD is trading at $0.22, the coin is up 26% (after topping at $0.27 – 53% gain).

On the fundamental side, ICON Foundation announced this week that some progress is being made on voting and staking processes. Apart from giving the distribution of this network computation through “Voting”, the team was to ultimately distribute its network control to ensure full decentralisation.

In addition, ICONLOOP closed a deal with one of the biggest Art Companies in South Korea, in order to develop a service platform for co-purchasing works of art.

Michela Silvestri

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