- The RSI has shown bearish divergence concerning the coins price action
- The ICX/BTC pair was trading at 0.00003282 BTC with a loss of 0.63 %
- The 24hr trading volume in the ICX coin is $101.4 Million
As mentioned in my previous article on ICON, The ICX coin tried to break out from the Cup and Handle pattern of a daily time frame chart. However, the coin price experienced strong selling pressure above the $2.3 neckline and was immediately rejected, displaying a long wick candle. The coin is now steadily charging towards the nearest horizontal support of $4.8.
The crucial EMA’s of ICX Coin indicates a strong bullish trend, with its price moving above the 20, 50,100, and 200 EMA.
The RSI (BULLISH) value is at 53, indicating a slight bullish emotion in the coin. However, the RSI line also shows a bearish divergence in its chart, projecting weakness among the coin buyers.
ICX Coin Chart Displays A Flag Pattern
The ICX coin shows the formation of the flag pattern in the 4hr time frame chart. The pattern usually indicates a bullish breakout, providing the crypto traders an excellent long opportunity. Furthermore, the coin price is currently resonating inside the pattern’s falling channel, and these traders should wait till the price doesn’t breach the overhead resistance.
The moving average convergence/divergence indicator (BULLISH) shows that both the MACD line and signal lines are moving below the neutral zone (0.00), indicating the bearish momentum in the ICX coin.
However, these lines are too close to the middle zone, and them jumping above it will provide an excellent confirmation for the above’s bullish pattern,
Conclusion: From the technical perspective, the overall trend for ICX coin is still bullish. However, the $2.3 is a formidable resistance for this coin, and maybe the flag pattern mentioned can provide enough boost to the price to break out from this overhead resistance.
Support– $2.18
Resistance– $2.3