The ICON (ICX) is approaching its 52-week high, and it is probably going to break the previous high with a market cap of $1.36 billion and the last 24 hours trading volume of $74,006,698. With this, ICON (ICX) is currently ranked #77 in the world of cryptocurrencies. But what is going on with this crypto, and how it has proven its track record over the years, progressing beyond the initial stage concept. Let’s dig in deep into the matter.
|Price Change 24H||-0.98%|
|Price Change 7D||+7.66%|
|Market Cap||$ 889,902,581|
|Circulating Supply||677,531,210 ICX|
|Trading Volume||$ 52,803,323|
The Overview of ICON Network & ICX token
The network leverages blockchain technology to keep track of all the transactions using a public ledger. But there are so many cryptocurrencies to choose from that it is becoming difficult to decide which one should opt for. With more coin projects emerging, each project uses a different set of tokens and algorithms to operate. This is becoming too complex, but a solution to this was introduced back in 2017. The idea was to build a bridge between many blockchain platforms using a dedicated communication protocol and connect blockchain structures using ICON.
What makes the ICON crypto network different is that many functions that take place within this ecosystem must transact using only its native ICX currency. The team is aggressively pushing itself to create the largest decentralized network the world has ever known.
ICON (ICX): Vision and Workings
The project aims to build a decentralized network allowing independent blockchains with different governments to transact with each other without the need of any intermediate third parties. The high throughput blockchain enables the system to be ultra-fast without compromising quality or reliability.
The reason why alternatives to Bitcoin appeared in the market is that Bitcoin was specifically designed for transactions, not smart contracts. That is why Ethereum and other alternatives emerged in the market to fill in the gap. With the rise in cryptos, the issue remained that all these blockchains remained isolated, unable to communicate with one another.
Through its Blockchain Transmission Protocol, ICON aimed to target this, offering its interoperability as its core feature. It allows protocols to communicate with one another while providing services like smart contracts and value transfer. Since it is a third-generation protocol, ICON boasts lightning-fast throughput speeds, which are way faster than second-generation protocols.
ICON is a digital republic with a comprehensive governance system where users say how the network operates. There are two main components of this governance which are Public Representatives, also known as P-Reps, and ICONists. ICONists are members of the ICON republic; who will delegate their ICX to the most productive P-Reps, receiving a high staking reward in the industry currently offered. P-Reps are validator nodes that secure the network and carry out activities that add value to the ICON network.
The most effective P-Reps who can add significant value to the community gain the authority to reach consensus to changes in ICON network changes through voting. This system is called Delegated Proof of Contribution, where the ICON ecosystem brings in the most talented P-Reps to the network, choosing the best P-Reps and allowing them to make changes that align with their sentiments and goals for the system. In this way, it is similar to democracy working in the real world.
ICON Market Sentiment
ICON is a rapidly growing project with a strong presence in South Korea. Its key development partner, ICONLOOP, has received the Ministry of Science and ICT Award for its role in popularizing the blockchain sector in Korea. ICONLOOP has also partnered with several industry giants and government entities. With over 140 employees presence in South Korea, it is one of the largest blockchain companies.
Even though the transaction fee is currently set at 0.01 ICX per transaction, it will be charged according to a fee structure. With its current network having applications such as Balanced and Omm, we can see how it is trying to build an ecosystem that nurtures itself in the long run. Let’s look at some of the dApps it offers and what they achieve:
Balanced: It is where ICX holders can take out loans, swap assets, and supply liquidity. In a sense, it is a decentralized bank using the ICON network and ICX as its token.
Omm: It is a money market where anyone can supply assets to earn interest, borrow assets for short-term loans, and make Omm for that. The OMM gives the user to use it as a stake and vote on the future of Omm. It is decentralized and operates via smart contracts.
VisitMe: It is a blockchain-based visitor management solution. This has already been deployed as a way to track visitors in Korea, with a user base of more than 200 thousand. It is being used in major hotels, cafes, and public sites.
Broof: This is another blockchain technology currently being used in Korea. This is a certificate issuance system built around ICON protocol. It is being used by major universities and corporations within Korea.
It is safe to say that the technologies which are rapidly evolving and solving problems can integrate into society. ICON has actually proven itself as a useful tool that can be used anywhere. With the strong government support, the sentiment around this token is quite positive for the time being. And the strong upward price trajectory will only complement this and take ICX price to further highs.
ICON Technical Analysis
The ICON price today is approaching its 52-week high, but the coin is forming a consolidation near its breakout. This is a good thing as it looks more like a cup with a handle pattern. The Bollinger bands are also opening up, suggesting an increase in volatility as the accumulation is happening right now with little spikes in volume. The Accumulation/Distribution indicator also confirms this as the trendline goes upwards.
The ICX/USD price is relatively stable at this range, and it looks like the breakout may happen soon in the ICON price. To further confirm the ICX price action, we can see that a massive spike in volume was observed in September. This is a good indicator for the technical analysis that the market believes that the current price of ICON is undervalued. As the volatility is non-existent right now, it is a safe bet to invest money into ICX and stay invested in it for the long term as per our short-term cryptocurrency forecast system.
When we look at the historical highs, we can see that the current price of ICON is nowhere near its previous maximum price when the ICON price rise skyrocketed. The average price of ICON cryptocurrency is well above the 50-day moving average. With the RSI indicator showing the overbought condition, it is well understood why the RSI indicator is giving the signal to sell ICON.
However, it must be noted that RSI is good when not expecting a long upward trendline. The consolidation formed at the current price change, combined with the accumulation rising and the investor sentiment showed with the volume price action in September, it is a good time to go long on ICON cryptocurrency and wait till some resistance level forms.
ICON Price Predictions from 2021 to 2026
Let’s explore the past data and try finding some valuable price forecast insights to see the likelihood that the ICON price will continue to go. Over the long term, it is safe to say that the average price of ICON ICX will breach its 52-week high in 2021, according to the short-term price predictions.
ICON Price Prediction 2021
ICON is one of the cryptocurrencies that holds the potential to reflect a tremendous price rise by the end of 2021. The team behind ICON (ICX) is working continuously for overall development. New collaborations and deals, along with technological advancements, can influence the average price of ICX coins. As per our ICON price prediction 2021, the expected highest price of ICX/USD will be around $4.
ICON (ICX) Price Prediction 2022
Along with the crypto market, the future price of ICON will continue to increase. However, there’s a slight possibility of a downside correction as per our technical analysis. The minimum price will be expected to be around $3.4. Buyers should do their own research and track ICON price predictions before investing in ICON.
ICON Price Prediction 2023
By 2023, the predicted price of ICX coin might be trading around $5. Taking into account the massive return over the course of two years. As South Korea is already using this technology, governments will seek solutions in the markets, and because of the public demand, the ICX may reflect positive price change as per the other forecasts.
ICON Price Prediction 2024
As per the ICON forecast and price analysis, in 2024, the future of ICON will be bright, and the predicted price may reach a minimum level of $4.52. The trading price of the ICX coin can reach a maximum level of its next resistance level, around $7.53, with an average trading price of $6.8. There is a significant risk involved in crypto trading, but still, users can invest/trade in ICX at the current price levels for a good return in the long term.
ICON Price Prediction 2025
By 2025, with government support and assuming that ICON technology becomes a new addition to the Korean economy, the price will likely go upwards, even beyond its previous all-time high. It will reach $9, maintaining a positive outlook.
It should be noted that external factors that an investor might not ponder over can have a huge impact on the ICON price forecast for coming years. The investors must do their own research, get good investment advice, and understand the ICON price forecast before going in for a long position, having a bullish mindset.
ICON (ICX) Price Prediction 2026
Based on ICX price prediction, ICON will be a good long-term investment in the cryptocurrency market. Based on our predictions, ICON prices might record a bullish breakout. Furthermore, the development in the ecosystem will increase the performance and the market reach as well as per our price analysis and forecast data. As per the price forecast data, the ICX prices might breach the $10 mark in 2026.
Frequently Asked Questions
Is ICON a good investment?
Based on our ICON technical analysis and future price prediction data, ICON is a good investment option. The ICX/USD chart pattern indicates that there’s a massive price change brewing up ahead. If the breakout happens in the upward direction, there is a great chance that the ICX value may never come back and will stay in an uptrend for the near term.
Where to buy ICON (ICX)?
Traders and investors can buy ICON from the leading crypto exchanges like Upbit, Binance, OKEx, Huobi Global, etc.
Is ICON (ICX) safe?
Without getting all technical, from an investor’s perspective, ICON is safe and can be a profitable investment. With a bright future; and a dedicated and strong development team in Korea, it offers good prospects.
What will ICON (ICX) price be worth in 2030?
According to the ICX price forecast data, the crypto value might cross the $20 mark by 2030 as it has the long-term potential to reach new heights.