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ICON price analysis: ICX price flashes up to $1.91 gaining 22 percent overnight

ICON price analysis ICX price flashes up to gaining percent overnight

TL;DR Breakdown

  • ICON price analysis is giving bullish hints today.
  • The nearest resistance is found at $2.
  • The nearest support for ICX is found at $1.77.

The ICON price analysis is bullish today as the coin has raced high despite a strong bearish market overall today. The price has been advancing at a slow pace but quite steadily over the past few weeks, as the bulls have been successfully maintaining their lead, and an upward trend has been following for the ICX. But today, the bullish momentum escalated, and a record increase in price was recorded a few hours back, as the price function managed to break through the $1.77 resistance and turned it into support. We assume the ICX will retest $2 after correcting for some time more.

ICX/USD 1-day price chart: Price settles at $1.91 after swing towards $2

The 1-day ICON price analysis shows an unexpected surge in ICX value, as the coin is trading hands at $1.91 at the time of writing. The crypto pair reports an increase in value up to 23.17 percent over the last 24 hours, and the crypto pair also reports an increase in price value by a whopping 50.46 percent over the past week. The market cap also increased by 23 percent overnight, and the trading volume ha went up the roof by 1287 percent for the last 24 hours.

ICON price analysis: ICX price flashes up to $1.91 gaining 22 percent overnight 1
ICX/USD 1-day price chart. Source: TradingView

The volatility was already comparatively high for ICX, and the Bollinger bands have started to diverge further apart. The upper band is now at the $1.73 mark representing support for the price function as the price has flashed past this level, and the lower band is at the $0.92 mark. The average of Bollinger bands is at $1.32, representing the second level of support for the ICX price. The moving average (MA) is at the $1.50 mark above the volatility indicator’s average line. The relative strength index (RSI) curve has touched the overbought limit as it is present at the border of the overbought limit at index 70, indicating aggressive buying activity.

ICON price analysis: Recent developments and further technical indications

The 4-hour ICON price analysis shows the coin traded in greens yesterday as well but shed some value during the last eight hours of the last trading session. However, after correcting, bulls took the lead again and rallied high towards the $2 psychological mark. Selling pressure has again kicked in, and the price is correcting again. The RSI also took some dramatic turns as it came down significantly towards the middle of the indicator’s area and shot up fast, with the bulls rallying into the overbought zone on the 4-hour chart. However, RSI is again on a downtrend as the price has started to go down again.

ICON price analysis: ICX price flashes up to $1.91 gaining 22 percent overnight 2
ICX/USD 4-hours price chart. Source: TradingView

The volatility is quite high for ICX than the past few days on the 4-hour chart, as the Bollinger bands are expanding vastly. The upper band is at the $1.84 mark, and the lower band is at the $1.35 mark. The average of Bollinger bands is $1.59. The moving average (MA) is at the $1.66 mark.

ICON price analysis conclusion

According to ICON price analysis, the crypto pair may continue correcting for a few hours, and we expect it to retest the $2 psychological mark later today before continuing further upside. On the other hand, if the selling pressure continues then, ICX may look for support near $177 support handle.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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