Before the price breaks through the support at USD 1.47, there could be profit within the next few days/hours. The rejection of high prices suggests further drops, but that would not cause too much worry if the support at USD 1.20 holds.
The value of the ICON (ICX) token has recently risen strongly, following the widespread cryptocurrency market crash. However, it has lost much of its gains, which has led to some short-term pessimism.
ICX is currently trading at around USD 1.28 and has accumulated a loss of 10.8% in the last 24 hours. Its daily trading volume is above USD 221.7 million, and its market capitalization is about USD 885.58 million. It occupies 122nd place in the cryptocurrency ranking, according to CoinGecko.
The ICON blockchain provides interoperability between different networks, helping chains like Ethereum and Bitcoin to communicate and conduct operations. Version 2.0 of the ICON blockchain is under development, which has generated optimism about its native token (ICX) in recent months.
The Technical Analysis of the Price of the ICON Token
The daily candlestick chart reveals that the ICON token continues to be bullish in the short term. That is because the price has reached higher and lower lows and highs.
However, the considerable bearish force it is experiencing puts the bullish direction at risk.
The price must break through the support at USD 1.47 to confirm that the sellers control the market. Until that happens, there could still be profit within the short term.
The Weekly Chart of the Value of The ICX Token
In the last week, the value of the ICON token has shown a clear long-term bullish bias.
Once the price reached the resistance zone following its all-time high, a new strong correction has hampered the stronger trend.
The recent rejection of high prices suggests that the ICON token is preparing to fall further in the next few hours or days. However, a drop would not be too worrisome if the support at USD 1.20 holds.
There could be selling down to USD 0.76 if the price of ICON loses the support at USD 1.20. That scenario is currently unlikely to take place.
If the price of the ICX token breaks through price resistance at USD 1.71, there could be a rally to at least USD 2.61.
The Influence of Bitcoin on the Price of Other Cryptocurrencies
Altcoins always follow the lead of the price of Bitcoin (BTC), and Binance Coin (BNB) and Solana (SOL) are no exception. In the last seven days, the pioneering cryptocurrency accumulated a loss of 2.7%, while the same happened to BNB and SOL.
While the price of BNB fell from USD 569.89 to USD 514.96, the value of SOL went down from USD 204.06 to USD 170.28. In the case of BTC, it dropped from 51,956.63 to USD 46,574.82 in that period.
However, it is only a matter of time before the price of Bitcoin and the leading altcoins resume the bullish trend. Of course, that will depend on the behavior of investors in the long and the short term.
By Alexander Salazar
