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ICX price action forms a double top pattern within the falling channel pattern teasing a potential 15% downfall as the overall market corrects. Key technical points:
- The ICX market value reduced by 5.86% in the last 24 hours.
- The double top pattern has a neckline at $0.33.
- The 24-hour trading volume of Icon is $15 Million, indicating a rise of 55.7%.
Past Performance of ICX
The bearish trend continues to push down the ICX market value within a falling channel pattern that started in April. The bearish pattern accounts for a downfall of 70% along with the fallout of psychological barriers. Currently, the price action forms a double bottom pattern with a neckline at $0.33 which might shortly be breached as the selling pressure grows. 
Source-Tradingview
ICX Technical Analysis
ICX price struggles to sustain above the $0.33 neckline despite the lower price rejection seen in yesterday’s candle. Therefore, the price action displays a formidable selling pressure fuelling the bearish trend momentum which makes the fallout inevitable. Falling under all the crucial SMAs - 50, 100, and 200-day, the bearish trend is relatively strong. Moreover, the bearish spread increases between the 50 and 100-day SMA after the recent crossover. The Stochastic RSI indicator shows an end of the bull cycle as the K and D lines give a bearish crossover in the overbought territory. Hence, the indicator promotes the bearish theory and adds points to the breakout possibility. The MACD indicator shows a bullish trend in action but the weakness is evident in the histograms trend. Hence, the possibility of a bearish crossover increases which will illuminate a selling spot. In short, the ICX technical analysis indicates a high possibility of a double top breakout.
Upcoming Trend
If the sellers undermine the lower price rejection to find a closing under $0.33, a downfall to $0.27 is inevitable as the bear market resumes. However, an unlikely recovery will result in a positive retracement to $0.41. Resistance Levels: $0.41 and $0.50 Support Levels: $0.33 and $0.27