Icon price data analysis reveals that the ICX price has developed a short-term bearish bias trading against US dollars as it recently crushed the two hundred-day moving average (MAs) across the four-hour charts.
The cryptocurrency struggled to stop the bearish momentum and formed an inverted head and shoulder pattern to start a bullish reversal. However, the bulls were short-lived as the bears gained momentum again, and the pattern was crushed. This shows that the sellers are controlling the market.
The indicators all signal that the chart is now bearish and continues to show a selling momentum. The price is expected to purge by another thirteen percent (13%) as the relative strength index (RSI) has turned bearish and turns more negative as time proceeds. Meanwhile, the MAs have also turned bearish and show a sell signal.
On the medium-length charts, the cryptocurrency has also purged below the 200-day MAs. The daily time frame is trying to break through a sideway pattern that the crypto has been stuck in since March this year.
However, the indicators are bearish on these charts as well and point towards the sellers controlling the market.
While, if the price action falls below the sideways channel, the crypto could crash to the lowest point since the year started. The RSI has turned bearish here as well and issuing a very strong sell signal.
The MAs is also bearish and points at further momentum from the sellers. The trade volume remains consistently low.
ICON is in bad condition as all charts have turned bearish and seeing as sellers continue to build up momentum, it is unlikely that a reversal will begin soon.
In addition, the cryptocurrency has been unable to establish proper supports as the sellers far outweigh the buyers and are in complete control of the crypto’s price.
The cryptocurrency is in real murky waters as the crypto’s price continues to falls. Buyers need to build their momentum and establish secure supports before the reversal can be started.