- ICON Coin investors failed to breach the crucial hurdle of $1,and became bitness of sharp-selling.
- ICON coin has been reflecting the selling on rise since mid-november. Bulls attems to hold the coin’s price above the crucial demand zone.
- ICON coin price with the Bitcoin pair price is observing slightly bearish by 0.6% at 0.0000178 satoshis.
The ICON coin has formed the double Top formation since early 2021 to till now and the coin price is trading just above the neckline ($0.0650-mark) of following formation. During the short-selling the ICX coin price suggested the selling on every rise and drawed the decline trendline (white). Recently, the coin has taken resistance at this sloping trendline. At the time of writing, the ICON crypto price is bearish by 0.3% at $0.760.
The ICON coin is trading just above the crucial demand zone and once the coin retested this level.over the past 24-hours, ICX coin seemed at $16.05 million, 52% declined. However the buyers are trying to sustain the coin’s price above the 20-day moving average and the remaining significant moving averages (including 50 and 200 MAs) far above the current price. The coin has immediate vital support at $0.650 and the resistance sits at $1.0. It seems bears again want to dump the coin price, and price tested the key support more than 4-times. If bulls fail to step up then we could see the more bloodbath scenario below $0.650-support.
Above the sloping trendline, bulls aims the $1.0-mark
Bulls faile to overcome the red zone of the super trend indicator in the terms of daily price chart. However, the daily RSI again came back below the half-line (50-mark) and appears to be flat at 42-mark because of low volatility. Moreover, the average directional index suggests the sideways momentum for the ICON coin price.
Conclusion
As long as the price of ICON coin is below the decline trendline, the price will continue to move down. Bulls have to push the price above the following trend for market dominance.
Support level – $0.650 and $0.350
Resistance level – $1.0 and $2.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.