2023-4-13 16:45 |
The ICON (ICX) price is attempting to find support, create a higher low, and resume its upward movement toward the next resistance.
The ICX price broke out from a descending resistance line on April 1. It reached a maximum price for the year at $0.49 four days later. However, while this seemingly caused a breakout above the $0.40 resistance area, the price created a long upper wick during the next 24 hours and fell afterward. Such wicks are considered signs of selling pressure.
The ICX price has fallen since and is approaching the $0.26 horizontal support area.
Despite the sharp fall, the daily RSI has not generated any bearish divergence yet. Moreover, it still trades above 50, a sign of a bullish trend.
As a result, the ICX price may bounce at the $0.26 horizontal support area and make another attempt at moving toward the $0.40 resistance. A breakout from the latter could catalyze a pump to $0.60.
On the other hand, a close below $0.26 could trigger a drop to $0.23.
ICX/USDT Daily Chart. Source: TradingView ICON (ICX) Price Prediction for April: $0.60 Within Reach?The technical analysis from the six-hour time frame provides a bullish ICX price prediction for April. The main reason for this is the wave count, which bodes well for the future price.
The ICX price is in wave three of a five-wave upward movement (white). This is usually the sharpest out of the five waves. The sub-wave count is given in black, showing that the ICON price is completing a fourth wave pullback. The pullback may end at the middle of the previous ascending channel (green circle), which also coincides with the $0.26 horizontal support area. Afterward, the ICX price could increase to the long-term resistance at $0.60.
Even though the wave count is bullish, a drop below the sub-wave one high (red line) of $0.24 would invalidate it. If true, this could cause a drop to the $0.18 support.
ICX/USDT Six-Hour Chart. Source: TradingViewTo conclude, the most likely ICX price forecast is an increase toward the long-term resistance area at $0.60. This bullish forecast would be invalidated with a decrease below $0.24. In that case, the price could fall to $0.18.
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