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Market Analysis

ICX Technical Analysis – Where will price find demand?

Icon (ICX) found support and reversed the bearish trend from the initial ICO price of $0.11. Price had built a falling wedge targeting $0.22. The momentum of the bullish reversal allowed price to rise much higher and test the [$0.45-$0.60] liquidity zone; both the upper and lower limit of a liquidity zone are key levels. Price peaked by $0.0005 above the aforementioned $0.60 key level and retraced.

As levels that have not been met for a long amount of time, ~470 days in this case, it is normal for these types of rejections to occur as sell orders have accumulated there over time.

As price rejected the liquidity area, it is slowly pulling back towards the $0.30 pivotal level. In theory, this level should allow price to bounce and rise higher.

In regards to the longer-term vision for ICX’s price, and whether or not it would be able to cross $0.60, entirely depends on how fast these accumulated sell orders can be depleted and overpowered by buyers.

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