ICON Price Analysis – ICX/USD
The 43rd largest cryptocurrency, ICON having its market cap at the level of $118,560,053, November 28, 04:52 UTC has extended its drop in value which is traded below the both moving averages and slashed by 64.7% compared with the level on October 10, and dropped by 83.7% with the level on August 14.
Now let’s look at the technical picture of the ICX/USD pair as follows:
Since both, the moving averages have declined currently by representing a negative sign. Amid this, the 14-day RSI has hit deeply oversold zone, which shows that the bears have the upper hand. The ICX/USD remains in a bearish trend in its medium-term outlook. With this, the competitive pressure and a strong bearish pressure successfully dropped the cryptocurrency at the current level in the demand area making it the lowest low of the day before exhaustion set in. While the RSI has declined deeply into the oversold territory, which suggests a pullback is around the corner. Since there are no bullish patterns that indicate a buy, hence, it is best to remain on the sidelines. Traders and all those would like to execute trade should wait for the trend to reverse and a bottom to form before initiating any long positions in it. Based on the 14-day RSI mark, the balance is believed to be in favor of sellers.
Besides this, when we analyze the ICX/USD pair in the recent past, it remained range bound from August 14 to August 27 this year as the cryptocurrency rallied from a low of $0.4649 to a high of $1.0608, which is almost 128% percent return within 13 days. However, since then it experienced continuously downward slope until it reached the current level. While no consolidation phase can be observed as of now, the next support level can be estimated at $0.27. ICON Cryptocurrency (ICX)’ ICON is a blockchain technology and network framework designed to allow independent blockchains to interact with each other. ICON is supported through a cryptocurrency token, called ICX.