TL; DR Breakdown
- The Balance of Power indicator is positive, implying the buying pressure is more intense than selling.
- Indicators suggest a possible bull market.
- Icon trading volumes have increased by 13 percent in the last 24 hours.
Icon price analysis: General price overview
The coin traded in a bullish trend towards the closure of yesterday’s Icon price analysis chart. Buyers came into the market in numbers causing the price to close at $1.6. The bulls gathered enough strength in the early trading hours and successfully outnumbered the sellers, following a rising wedge. At the time, the bears were preparing for an attack.
On the five-day Icon price analysis chart, the 20-day Moving Averange crossed over the 100-day MA suggesting a bull market. The sellers struggled to push the price downwards without success until yesterday, when the bears controlled most parts of the daily chart with red candlesticks outnumbering the green candlesticks.
Over the previous 24 hours, the overall cryptocurrency market was down. Bitcoin has fallen by 3.86 percent, while Ethereum has decreased by 5.6 percent. LUNA was the day’s most outstanding gainer, increasing 25%. Solana (SOL) is also one of the worst losers, having lost more than 12% of its value.
ICX/USD price movement in the last 24 hours: Bull trend
Icon began the daily price analysis chart in a bullish momentum sending the prices upward before reaching resistance at the intraday highs at $1.8. The sellers had created a strong resistance to curb the bullish trend.
The volume of Icons traded has increased by 13 percent in the last 24 hours, and overall trading volume is valued at $371.3 billion. The Icon is ranked #87 in the market overall, with a 0.06 percent dominance.
ICX/USD Four-hour price analysis chart: Possible Icon price surge
The coin seems to be gaining bullish momentum on the four-hour Icon price analysis chart.
ICX/USD has been trading in a slightly bearish and bullish trend. However, the buyers have invaded the market in large numbers, making the price set an upward trend that is likely to set a new daily high if the seller does not come into the market anytime soon.
The MACD line has crossed the red line severally on the four-hour price analysis chart. This indicates the buyers have been trying to wrestle down the bears for a long time before they crested strong support aiding the upward momentum.
The RSI is leaning above 50, pointing to the overbought region. If buyers create a significant bull pressure and surpass the 70 RSI mark, the bears will have a minimal possibility to cut short the bullish trend.
Icon price analysis: Conclusion
The Balance of Power indicator is positive, implying that buying pressure is more intense than selling. The coin will trade in a bullish trend in the remaining part of the day, with a possibility of hiking to $2.
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