ICON Network is a layer on blockchain-based in South Korea. This network aims to build an interoperable blockchain network to bring autonomous and real-world enterprises together. Icon Network can minimize the number of intermediaries through the decentralized ledger where cross-border transactions will be easy.
The recent news on ICON Foundation's plan to launch the interoperable incentive program made this token consider inputting in the watchlist. The foundation noted that the ICON community and its partners would benefit from this public aggregator chain. The plan is to distribute a maximum of 200 million iCX tokens in the next five years to develop the ecosystem and explore BTP’s cross-chain facilities.
On the other hand, the strong collaboration with partner companies like ICONLOOP may influence this token to work as a leader in South Korea. Besides, the ICON Network includes South Korea’s largest commercial bank and fintech company, Daniel FIntech, which may work as the primary reason for the possible bull run.
Currently, 725,104,901.97 ICX are in circulation from the total supply of 800,460,000 ICX. However, the recent trading days failed to show a buyers’ interest where the last 24-hour trading volume was seen to fall 34% to $32,215,254. As the ICX/USDT saw multiple bull runs in 2021, another upside pressure is highly expected this year. In that case, investors should closely monitor the price behavior besides looking at fundamental aspects.
Let’s see the ICON (ICX) price prediction from the ICON (ICX) Price Prediction Today.
ICON (ICX) Needs A Strong Rebound From The Bottom
In the ICX/USDT daily chart, the bearish pressure from 2.718 made multiple swing lows where the most recent static support level of 0.536 opened an opportunity for bulls. After a massive 66% loss, the price went corrective within the 0.536 to 0.917 range, where a bullish range breakout is needed to rely on the possible uptrend.
The above technical analysis shows how the price formed a new swing low at 0.536 level with a bullish divergence with MACD Histogram. On the other hand, MACD Histograms reduced the selling pressure and reached the neutral level while the dynamic 20 EMA is above the price.
In the ICON (ICX) Forecast, any bullish daily candle above 0.917 would create a new swing high after the long-selling pressure, which is the primary indication of the possible buying movement towards the 1.973 resistance level. On the other hand, a break below the 0.536 would open another selling opportunity where the price may test the 0.200 level before showing a buying pressure.
ICX/USDT Ichimoku Cloud Analysis
According to the Ichimoku cloud analysis, ICX/USDT is trading within a strong bearish momentum where the recent price trades below the Kumo Cloud for a considerable time. As a result, the future cloud changed its direction from bullish to bearish and aimed lower. Meanwhile, the lagging span is within the price, indicating a correction in the existing bearish trend.
The above technical analysis shows the traders' dynamic index is heading with a strong buyer's interest. The green line in the TDI reached the overbought barrier indicating a solid buyer's interest in the price, while dynamic Tenkan Sen and Kijun Sen are below the price.
In the ICON Price Prediction, bulls should overcome the cloud resistance by forming a bullish H4 candle above the 0.691 level. In that case, the primary target of the bullish pressure will be towards the 0.919 level. On the other hand, any rebound in the price with a bearish H4 close below the dynamic Kijun Sen may lower the price towards the 0.539 support level.
ICX/USDT Intraday Price Action Analysis
According to the H4 price action, ICX/USDT trades within a bearish trend where the price made a new swing low at 0.539 level. However, the price rebounded immediately and formed a bearish channel breakout, although the breakout strength was not significant.
The above technical analysis shows that the MACD Histogram moved to the bullish zone while the MACD line moved up. Moreover, the most recent bullish pressure was initiated from the intraday high volume level of 0.555 and 0.625. The buying pressures took the price above dynamic 20 EMA and weekly VWAP, where the current barrier is to overcome the 0.679 static resistance level.
In this context, any bullish H4 close above 0.679 is more likely to take the price up towards the 0.919 level in the coming days. The alternative approach is to wait for a deeper correction towards 0.600 to 0.550 are and find buying opportunities in the lower timeframe. A break below the 0.539 level would eliminate the bullish opportunity and lower the price towards the 0.400 area.
Is ICON (ICX) A Buy?
According to the ICON Forecast, ICX/USDT is not a buy right now. Investors should find a new higher high in the daily chart to consider the trend as early bullish. However, the bullish rejection from 0.539 was significant where any buying opportunity in the H4 chart might provide a decent risk vs. reward in the buy trade.