ICX Technical Analysis: Trading Above the Fibonacci Pivot Point of $1.17

The ICON 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 of ICX.

Past Performance 

In the past seven days, ICX has traded between $1.12 and $1.28. On Aug 10, 2021, ICX opened at $1.12. And, as of August 16, 2021, the price closed at $1.28. Thus, in the past week, ICX has increased by approximately 12.05%. In the last 24 hours, ICX has traded between $1.21-$1.37.

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ICX Price Analysis 

At the time of press, ICX was trading at $1.28. The price has increased by approximately, 2%, from the previous day’s closing level of $1.19. Moreover, the price is currently trading in a parallel channel range. It has broken out from its month-long resistance level of $1.13. Now, we can expect the price to make new highs.

The MACD and signal lines are still in the positive zone. Moreover, 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.

However, the MACD and the Signal line are near the zero range. Thus, the trend reversal is on the horizon.

Also, we can see that the RSI indicator is making bullish divergence. It is currently at the 74% 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 price to rise for the rest of the day.

The On balance volume has broken its downtrend and has started moving towards an upward directory.

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.

Day-Ahead and Tomorrow 

Currently, it is trading above the Fibonacci pivot point of $1.17. As some of the oscillators have shown bullish signals, we can expect the price to increase and test the Fibonacci pivot resistance level of $1.48 soon. However, to test the level of $1.48, the price has to break immediate resistance at $1.34.

However, the price has tested and fallen after resisting from the FIB level of $1.37. If the price falls below the FIB extension level of $1.17 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 $1.17. Keeping the target at $1.06 and stop-loss at $1.14.

   

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