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ICON (ICX) joined the ongoing broad-market recovery with a 1.50% uptick in the past day. ICX’s latest performance has attracted attention as the altcoin has been under a bearish influence over the past year.
ICON suffered prolonged declines as it failed to keep momentum even as other cryptos surged. For instance, it dropped nearly 20% over the past year – a significant underperformance – as Bitcoin and Ethereum gained 134% and 65% on their 12-month charts, respectively.
However, experts predict significant comebacks for ICX as the crypto market braces for a unique parabolic rally.
Cryptos on the cusps of a massive bull trend
Digital currencies target record highs, and the forerunner, Bitcoin, leads the trend. BTC eyes the crucial resistance at the $62,000 – $64,000 range after reclaiming $60,000.
Overcoming the hurdle could trigger swift surges to the range’s top, possibly pulling most altcoins up. Cryptocurrency analysts believe Bitcoin will extend its current uptrend.
For instance, Magnus DaVinci revealed a crucial inverse head & shoulder setup, suggesting the possibilities of continued bullishness towards the $70,000 value area.
💡 📈 Bitcoin: Bullish Trend#Bitcoin is showing a classic Inverse Head and Shoulders pattern, indicating a potential continuation of the bullish trend towards $70,000. pic.twitter.com/7pMTgfyPde
— Magnus DaVinci (@TradingPlusOne) August 23, 2024
Such an acceleration would take altcoins to new peaks. Moreover, the Tether (USDT) dominance chart displays breakout signals, which might trigger notable recoveries in alts previously hit hard.
The leading alt by market cap, Ethereum, supports potential imminent bull runs for altcoins.
Ethereum signals impending alt season
ETH has seen significant shifts over the past few months, with metrics suggesting an upside trajectory. For instance, data shows Ethereum’s balance on exchanges saw historical dips below 10%.
That represents a notable plunge, amplifying scarcity with reduced tokens available for traders. ETH 2.0 staking contributed to the plunged exchange balance, with more coins locked in staking contracts diminishing asset availability on crypto exchanges.
The token scarcity could bolster demand, translating to bullish pressure on ETH prices.
The Relative Strength Index approaches the oversold region, suggesting undervalued conditions. Also, the MACD indicated a possible momentum change to bullish.
Furthermore, investor sentiment on Ethereum remains steady as over 65% of holders are in profit (IntoTheBlock data).
Market experts predict an imminent altcoin season. The market cap of all digital tokens, excluding Bitcoin and Ethereum, formed a descending wedge setup.
🚨 ATTENTION: Altcoin season is around the corner!
— Planfomo (@planfomo) August 22, 2024
The altcoin index is currently at its lowest point, and the total market cap (excluding #Bitcoin and #Ethereum) has formed a falling wedge pattern that is currently being respected, along with a support level. There's a… pic.twitter.com/P1Ag8yJ1QW
A falling wedge breakout would catalyze robust rallies in most altcoins.
ICON’s current price
ICX trades at $0.1438 after a substantial jump from the daily low of $0.1410. The altcoin seems ready to join the anticipated bullish rally, and its discount suggests a massive recovery room.
Such a performance could earn dip buyers significant returns.
Nevertheless, caution remains paramount, considering ICON’s past performance.
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