2018-10-16 18:03

Icon was one of the projects which many traders and investors were optimistic about at the start of the year. But Icon got swept up in the bear market with other cryptocurrencies, decreasing from above $12 in January to around $0.70 today.

Talk about the project has been reignited with a number of significant events upcoming for the Icon. The project has its mainnet swap coming up where the ERC20 tokens which are currently placeholders for Icon are swapped for actual ICX tokens that will operate on the Icon mainnet. The project will also be burning 15% of tokens which many anticipate will increase the value of the project. Lastly, the project has been building partnerships throughout the bear market which may serve them well in the next bull market.

Price action is currently trading near the daily 50 EMA which has been acting as a resistance point during Icon’s prolonged downswing. However, ICX seems to have reached some key support around $0.57 which it has tested numerous times and failed to drop below.

ICX Daily Chart – Source: Tradingview.com

ICX has formed a series of higher highs and higher lows on the hourly since the increase which has occurred yesterday across the cryptocurrency market. A bearish divergence is now occurring with price forming higher highs and RSI forming lower highs. This shows price continuing to increase despite buying pressure dropping. The MACD is also beginning to converge to the downside showing seller momentum increasing.

ICX Hourly Chart – Source: Tradingview.com Key Takeaways Speculation about ICX reignites with a number of key events upcoming for the platform. Price has formed a series of higher highs since increase across the market yesterday. Bearish divergence occurring on the hourly showing price increasing to higher highs despite buying pressure falling. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Speculation Increases for Icon [ICX] With Burn Approaching was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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