2020 has been a great year for the cryptocurrency markets so far, with Bitcoin and virtually all major altcoins posting sizeable gains. These gains, however, pale in comparison to those seen by ICON (ICX), which is a relatively small crypto that has been caught within a parabolic ascent over the past few days.
This parabolic rally has led ICON into a key resistance region, and the crypto is showing signs of slowing down as the immense buying pressure that drove this massive rally begins to slow down.
Importantly, ICX’s rally may offer some important intel into where other altcoins are going, and one analyst believes that it could signal the next “altseason” is imminent.
ICON Hits Key Resistance as Parabolic Rally Slows and as Crypto Market Faces Turbulence
At the time of writing, ICON is trading up nearly 40% at its current price of $0.516, which marks a massive climb from its daily lows of $0.33 that were set yesterday morning.
It is important to note that ICX started its parabolic rally in late-January, which came close on the heels of an extended period of ascension that the crypto faced throughout the early part of the month when it climbed from lows of $0.10 to highs of roughly $0.18.
Once it hit this level, the cryptocurrency’s bulls quickly catalyzed a massive amount of momentum that led the crypto to post market-leading returns that are historically only seen during massive market-wide bull trends.
Bagsy, a popular crypto analyst on Twitter, explained in a recent tweet that ICON is now starting to see diminishing volume as it pushes against high time frame resistance, which could mean its recent highs of $0.56 will mark a mid-term top.
“ICX Big Picture: We’re currently at HTF resistance, with diminishing volume and a lower high forming on the LTF. Personally I think we’re going to see a retrace from these levels. If we manage a strong daily close back above the EQ (5755) on strong volume, I’ll change my tune,” he explained.
$ICX Big Picture:
We're currently at HTF resistance, with diminishing volume and a lower high forming on the LTF. Personally I think we're going to see a retrace from these levels.
If we manage a strong daily close back above the EQ (5755) on strong volume, I'll change my tune. pic.twitter.com/p434Qs6QM8
— Bagsy (@imBagsy) February 4, 2020
Could ICX Offer Insight into What’s in Store for Other Altcoins?
Jacob Canfield – another popular crypto analyst – explained in a tweet from yesterday that he hopes ICON’s recent gains are setting the stage for other altcoins, further adding that he anticipates some consolidation before it potentially continues climbing higher.
“ICX is up 240% in the last 3 weeks, but I would be cautious as we are approaching high time frame resistance. I expect some consolidation at 5400 sats or a little pull back. It’s still down 95% from all time highs, but I hope that this is setting the stage for other altcoins,” he noted.
$ICX is up 240% in the last 3 weeks, but I would be cautious as we are approaching high time frame resistance.
I expect some consolidation at 5400 sats or a little pull back.
It's still down 95% from all time highs, but I hope that this is setting the stage for other altcoins. pic.twitter.com/9Z9PzhZhfl
— Jacob Canfield (@JacobCanfield) February 4, 2020
Although this could just be a one-off event that occurs in isolation, Bitcoin’s current bout of sideways trading within the lower-$9,000 region may be just what is needed for individual cryptos to start clocking insane gains.
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Tesla’s stock price has gone parabolic reaching a high of $940. 13 on Nasdaq, with the same market cap as Bitcoin. Now it is the most valuable auto company on earth. Like Bitcoin in 2017, Tesla Stock goes parabolic Tesla, Elon Musk’s car company has made record gains in the last few months, eclipsing its former all-time high price.
2020 has been Bitcoin’s year, with the cryptocurrency posting massive gains throughout January as bulls attempt to lay the groundwork for BTC to see parabolic gains throughout the rest of the year. It is important to note that there is currently a multitude of separate factors that are influencing Bitcoin’s price action, and the confluence... The post appeared first on NewsBTC.
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The post Analyst: Chainlink shows hints of bullishness as the crypto market faces turbulence appeared first on CryptoSlate.
Bitcoin has been able to incur some tempered gains today as buyers attempt to propel BTC back up to its local highs at $9,200. This momentum came about after a brief bout of intense selling pressure that led the crypto to as low as $8,200.
Despite falling into a bout of sideways trading over the past several days and weeks, Bitcoin (BTC) and the aggregated cryptocurrency markets have been able to post massive gains from their late-2019 lows.
Bitcoin has been on an absolute roll over the past month, surging from $6,400 to $9,200 in a jaw-dropping fashion. Altcoins have followed suit, posting even more impressive gains as buyers have finally stepped in.
The recent gains seen by Bitcoin and the aggregated crypto market have been massive by most standards but have not even come close to comparing with the parabolic rally incurred by the controversial Bitcoin Cash hard fork Bitcoin SV (BSV).
XRP was one of 2019’s biggest losers, posting sizeable year-to-date losses in spite of the massive gains incurred by Bitcoin and some other major altcoins. This poor price action has largely stemmed from controversy surrounding the token’s close ties to FinTech company Ripple.
Bitcoin (BTC) reached its all-time high on December 17, with an intra-day peak at $20,089. 00. The coin arrived at that level after a turbulent month of exorbitant daily gains, but what’s different two years on? Bitcoin Only Spent a Moment at Peak Prices Soon after reaching the fabled $20,000 mark, Bitcoin’s parabolic trend turned for the worst, and within months, the price slid by more than 50%.
Bitcoin price has been falling steadily for months now back into a deep downtrend, that’s putting the asset at risk of erasing all of the gains from the 2019 parabolic rally, and putting any chance of a new bull run in Bitcoin in jeopardy.
Charter Communications (CHTR) has managed to keep up with Apple’s year-to-date performance. Furious buybacks since 2016 have helped keep the stock bullish. Strong upside potential and a parabolic structure are also driving CHTR’s surprising growth.
At the start of 2019, altcoins like Litecoin, Ethereum, and XRP started to climb and show glimmers of hope that the bear market might finally be over, but a powerful parabolic Bitcoin rally sucked the momentum and capital right out of the altcoin market.
After a strong rejection at $14,000, Bitcoin’s parabolic rally has been cut short, and the leading crypto asset by market cap is taking a much needed pause and correction after bringing investors over 300% gains since the start of 2019.
Since its third major surge of the now two month old Bitcoin rally, the king of crypto has held on to all of its gains. Support and resistance zones have shifted to new higher levels and the chart, when zoomed out, looks unnaturally parabolic, remnant of the December 2017 one.
Recent data revealed that every time Bitcoin has seen a pullback of 30 percent or more, it was always followed by a sharp rally. The world’s largest cryptocurrency gains, on average, 153 percent after every price drop, meaning that there will still be plenty of buying opportunities even in the bull market.
Well, it looks like it’s officially time to regret not consolidating more when we had the chance. Bitcoin price didn’t take a break. Instead, it went a bit parabolic to nearly $7,000 or 100% gains since the December 2018 lows.
April has proven to be a very positive month for the crypto markets, and Bitcoin’s ability to decisively surge into the $5,000 region without incurring any significant selling pressure has shifted the overall market sentiment to be slightly more bullish as many analysts expect BTC to see further gains in the near-future.
By CCN: Bitcoin’s gains may not be parabolic, but the price is moving steadily higher. With BTC currently hovering at the $5,300 level, the mood around crypto has improved tremendously. Nonetheless, the bitcoin price continues to trade 75% below its peak.
Although Bitcoin and most major cryptocurrencies have been seeing fairly limited price surges that are a far cry from the parabolic gains they saw in late-2017, some smaller cryptos – like Dash – have been able to post some relatively large gains since the start of 2019, which may be setting the tone for how.
The Bitcoin trend of parabolic gains could see the top-ranked cryptocurrency set a new all-time high (ATH) before the end of 2018 or in early 2019. BTC is currently hovering between $6,000 and $7,000 with its highest third quarter price of $8,400 set in early July 2018.
The ICX token, native to the innovative ICON network, has experienced a remarkable 33% surge in price within just 24 hours, driven by a series of key developments and improvements that promise to enhance the network's reach and utility.
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