The ICON (ICX) helps two independent blockchains Bitcoin and Ethereum connect and transact with each other. It can function like this by opening up the cross-chain with an interoperability layer which is ICON. The token, ICX, is powered by a loop chain, which is a blockchain engine designed by ICONLOOP. Let us look at the technical analysis for the same.

Past Performance

In the past seven days ICX has traded between $0.83 and $0.92, that is, On July 01, 2021, ICX opened at $0.83. And, as of July 07, 2021, the closing price of ICX was $0.92. Thus, in the past week, ICX has increased by approximately 10.84%. In the last 24 hours, ICX has traded between $0.90 – $1.04.

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Day Ahead And Tomorrow

At the time of press, ICX was trading at $0.95. The price has increased by approximately, 6%, from the previous day’s closing level of $0.92.

The MACD and signal lines are still in the negative zone. But, a bullish crossover by the signal line over the MACD line has occurred. Thus, we can witness that the overall market momentum is bullish, and we can expect a surge in price. Moreover, the MACD and the Signal line are near to the zero range, if the buying pressure remains constant, we can see them entering the positive zone soon.

Also, we can see that the RSI indicator is making bullish divergence. It is currently at the 55% mark. RSI is taking support of the trend line and making a bullish divergence. Thus, indicating that the buying pressures are slowly mounting. Hence, we can expect the ICX price to rise for the rest of the day.

In short, when we look at both oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

ICX Technical Analysis

Currently, it is trading above the Fibonacci pivot point of $0.91. As some of the oscillators have shown bullish signals, we can expect the price to increase and test the Fibonacci pivot resistance level of $1.17 soon. However, to test the level of $1.17, the price has to break immediate resistance at $1.04. Once it breaks the level of $1.04, it will test $1.17 and traders can go long.

However, the price has tested and fallen after resisting from the FIB level of $1.04. If the price falls below the 23.5% FIB extension level of $0.92 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. Traders can go short if the price breaks down from the level of $0.92. Keeping the target at $0.86 and stop-loss at $0.98.