- ICON Price has re-tested the pivot point of $1.55 on the daily chart
- The press time price of ICX/USDT is $1.57 established on the back of a 3.5% increase in the past 24 hours
- Meanwhile, the ICX/BTC pair is trading at 0.0000318 BTC with an intraday gain of 5%
ICX Price highly overbought on the daily chart
The daily technical chart of ICON highlights that the token price is hovering in an uptrend since the bounce off from $0.68. Presently re-testing the pivotal support of $1.55, the crypto asset has started today on a bearish note. Rejection from this level will be followed by the price catching up with the critical EMAs which are aligned at the breakout point of the macro support trend line.
The Relative Strength Index has entered the overbought territory and is hovering inside the range of $75. The fact that ICON crypto has not been this overbought since its March rally demonstrates that the buyers have taken control of the wheel.
On the off chance that the ICX price remains unaffected by the overbought RSI, the price will either accumulate above the resistance level or soar higher. A decisive close above the $1.55 will reveal whether the price is capable of defeating this barrier.
Over the past 4 days, the volume of ICON Token is peaking through the roof, as evidenced by yesterday’s magnitude of (17.92 M) overlooking the 20 MA, which was hovering inside the range of (11 M).
The Daily Stochastic RSI awaits a negative crossover as evidenced by the %K line (98) on the verge of transpiring below the %D line (95).
ICON Token to catch up with crucial EMAs on the daily chart
Upon diving into the 4-hour chart of ICX tokens, investors can see that the price action has formulated a bullish reversal pattern, called the ascending channel. As shown on the chart, the price of this crypto asset has successfully broken out of the bullish structure and is currently re-inspecting the support level of $1.55
At the time of writing, the price is accumulating above the critical level with no evidence of bearish engulfing. The loss of this particular support level will expose the price to the support levels of 20 EMA. While the risk of further decline lingers, the support of all the other EMAs will swoop in to carry the uptrend.
The Moving Average Convergence Divergence (bearish) is on the verge of transpiring a bearish crossover as evidenced by the already diminished histogram inside the positive territory.
While the technical indicators are dictating overbought signals, the ICON price is well situated above the crucial resistance level. This suggests that the price may still continue to ride the uptrend.
SUPPORT : $1.55
RESISTANCE : $1.84