The Icon blockchain network comprises a wide range of institutions like financial institutions, insurance companies, hospitals, and much more. It aims at connecting digital money to real life. It is a user-friendly platform that facilitates safe and speedy digital currency transactions and provides high liquidity. ICX is the prime governance of this ecosystem.
On April 20, 2021, ICX started trading at $2.14. On April 26, 2021, ICX closed at $1.98. Thus, in the past week, the ICX price has dropped by roughly 7.5%. In the last 24 hours, ICX has traded between $1.92-$2.10.
Day-Ahead and Tomorrow
Currently, ICX is trading at $1.98. The price hasn’t increased from the day’s open price of $1.98. Thus, the market seems to be neutral. In other words, there seem to be equal buying and selling pressures in the market.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start declining.
Currently, the RSI indicator is at 48%. It has faced rejection at 36%. Thus, buying pressures are gradually mounting. Hence, we can expect the price to start rising after some time. In conjunction with the MACD oscillator, we can say that a price pullback may be on the horizon soon.
However, the A/D indicator is painting a different picture. It has sharply risen in the past 24 hours. Thus, whale accumulations are higher than whale distributions. There is a bullish divergence here implying that the price may resume its upward journey post a temporary price pullback.
ICX Technical Analysis
As per technical analysis, the ICX price is currently below the Fibonacci pivot point of $2. We have to wait and watch to see if it surpasses the pivot point or falls below the first support level of $1.93.
Currently, the price has tested and fallen below the 61.8% FIB retracement level of $1.99. If the price retests and surpasses the 23.6% FIB retracement level of $2.06 by day end, then the price uptrend is strong and is likely to continue tomorrow as well.