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ICON Price Rallies +30% And Hits Multi-Week High on ICX Trading Volume Surge

Analytics

coincodex.com 30 November 2022 10:51, UTC
  
Reading time: ~5 m

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

  • ICON is up 25.47% today against the US Dollar
  • ICX’s price surge follows a massive spike in derivatives and spot trading volumes on Binance
  • ICX/BTC increased by 22.16% today
  • ICX/ETH increased by 19.31% today
  • ICON is currently trading 4.74% below our prediction on Dec 05, 2022
  • ICON dropped -8.75% in the last month and is down -87.54% since 1 year ago
ICON price $ 0.213496
ICON prediction $ 0.224115 (4.97%)
Sentiment Neutral
Fear & Greed index 29 (Fear)
Key support levels $ 0.165113, $ 0.161280, $ 0.158414
Key resistance levels $ 0.171812, $ 0.174677, $ 0.178510

ICON (ICX), a decentralized interoperability network designed to facilitate the connection between various blockchain systems, saw a great deal of market interest on Wednesday. The platform’s native token rallied from $0.1667 to a daily high of $0.2161, coming close to breaking its previous November peak. Accounting for the daily bottom and peak, ICON improved by as much as +29.76% in the span of about 8 hours.

While the exact reason behind the sudden rally is hard to pinpoint, the positive price movement can be linked to a great deal of ICX activity going on Binance Futures, which cleared $181 million in ICX derivatives trades over the past 24 hours. Meanwhile, ICX’s spot volume on Binance barely surpassed $20 million. For context, the previously largest ICX trading day in the past month was November 9, when $43 million worth of ICX trades took place.

According to the technical analysis done by Clifton Fx, ICON has formed a “falling wedge formation” and is expected to pull off an “upside breakout & another massive bullish wave.” We’ll have to wait and see whether this ICX prediction comes to pass.

ICX price is expected to rise by 4.97% in the next 5 days according to our ICON price prediction

is trading at $ 0.213496 after gaining 25.47% in the last 24 hours. The coin outperformed the cryptocurrency market, as the total crypto market cap increased by 26.67% in the same time period. ICX performed well against BTC today and recorded a 22.16% gain against the world’s largest cryptocurrency.

According to our ICON price prediction, ICX is expected to reach a price of $ 0.224115 by Dec 05, 2022. This would represent a 4.97% price increase for ICX in the next 5 days.

ICX Price Prediction Chart

Buy/Sell ICON

What has been going on with ICON in the last 30 days

ICON has been displaying a negative trend recently, as the coin lost -8.75% in the last 30-days. The medium-term trend for ICON has been bearish, with ICX dropping by -22.82% in the last 3 months. The long-term picture for ICON has been negative, as ICX is currently displaying a -87.54% 1-year price change. On this day last year, ICX was trading at $ 1.71.

ICON reached its all-time high price on Jan 09, 2018, when the price of ICX peaked at $ 12.66. The current ICX cycle high is $ 3.24, while the cycle low is at $ 0.106786. ICX has been displaying high volatility recently – the 1-month volatility of the coin is at 18.51. ICON recorded 13 green days in the last 30 days.

ICON technical analysis for today - Nov 30, 2022

The sentiment in the ICON markets is currently Neutral, and the Fear & Greed index is reading Fear. The most important support levels to watch are $ 0.165113, $ 0.161280 and $ 0.158414, while $ 0.171812, $ 0.174677 and $ 0.178510 are the key resistance levels.

Neutral sentiment for ICON

15 indicators are currently signaling a bullish prediction for ICON, while 14 indicators are showing a bearish forecast. With 52% of indicators favoring a positive prediction. This results in an overall Neutral sentiment for ICON.

Crypto market is currently experiencing Fear

Currently, the Fear & Greed index is at 29 (Fear), which signals that investors have a negative outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.

ICON moving averages & oscillators

Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how ICON is positioned in the market right now.

Period Daily Simple Daily Exponential Weekly Simple Weekly Exponential
MA3 $ 0.168242 (BUY) $ 0.168946 (BUY) - -
MA5 $ 0.170452 (BUY) $ 0.168809 (BUY) - -
MA10 $ 0.167037 (BUY) $ 0.168201 (BUY) - -
MA21 $ 0.161005 (BUY) $ 0.171712 (BUY) $ 0.250652 (SELL) $ 0.259473 (SELL)
MA50 $ 0.199939 (BUY) $ 0.193934 (BUY) $ 0.521125 (SELL) $ 0.504613 (SELL)
MA100 $ 0.231010 (SELL) $ 0.231265 (SELL) $ 1.03 (SELL) $ 0.711055 (SELL)
MA200 $ 0.276875 (SELL) $ 0.344008 (SELL) $ 0.667930 (SELL) $ 0.840410 (SELL)
Period Value Action
RSI (14) 43.19 NEUTRAL
Stoch RSI (14) 96.24 SELL
Stochastic Fast (14) 57.11 NEUTRAL
Commodity Channel Index (20) 66.67 NEUTRAL
Average Directional Index (14) 22.55 NEUTRAL
Awesome Oscillator (5, 34) -0.02 NEUTRAL
Momentum (10) 0.01 NEUTRAL
MACD (12, 26) 0.00 NEUTRAL
Williams Percent Range (14) -42.89 NEUTRAL
Ultimate Oscillator (7, 14, 28) 56.05 NEUTRAL
VWMA (10) 0.17 BUY
Hull Moving Average (9) 0.18 SELL
Ichimoku Cloud B/L (9, 26, 52, 26) 0.20 NEUTRAL

The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for ICON is at 43.19, suggesting that ICX is currently neutral.

The 50-day Simple Moving Average (SMA 50) takes into account the closing price of ICON over the last 50 days. Currently, ICON is trading below the SMA 50 trendline, which is a bearish signal.

Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the ICX closing price for the last 200 days. ICX is now trading above the SMA 200, signaling that the market is currently bullish.

The bottom line about this ICON prediction

After considering the above factors, we can conclude that the current forecast for ICON price prediction is Neutral. ICX would have to increase by 4.97% to hit our $ 0.224115 target within the next five days. Moving forward, it will be important to monitor the ICX market sentiment, the key support and resistance levels, and other metrics. However, we have to keep in mind that the cryptocurrency markets are unpredictable, and even the largest crypto assets display a lot of price volatility. For long-term ICON price predictions click here.

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.


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