ICON (ICX) may move to a new all-time high soon due to its ongoing breakout and bullish readings from technical indicators.
ICX has been declining below a descending resistance line since March 31, when it hit a record price of $ 3.20. This led to a low of $ 0.63 on June 22.
However, ICX has progressed since then and finally managed to cross the line on November 15th. This was his fifth attempt after 228 days of trading below the line.
The breakout is supported by several technical indicators. The MACD, which is created by a short and long term moving average (MA), is positive and is moving upward.
The RSI, which is an indicator of momentum, has risen above 50. This usually happens during strong bullish moves.
Therefore, price action and technical indicator readings are bullish, supporting the continuation of the rally.
The all-time high resistance zone is the next target at $ 3.05.
Future ICX movement
Cryptocurrency trader @Damskotrades described an ICX chart, indicating that the token could initiate a similar move to OMG, which could take it above $ 4.
In addition to the long term breakout described earlier, ICX also broke the short term horizontal resistance area of $ 2.50. This is another sign of an uptrend that often leads to significant increases.
The breakout is also supported by the RSI and MACD which are moving higher.
If ICX manages to maintain above this zone, it could rise towards the all-time resistance of $ 3.05.
Number of waves
The movement from the aforementioned low on June 23 looks like a massive 1-2 / 1-2 wave formation. This is a type of bullish structure in which the price accelerates dramatically during the third wave (orange). This would likely bring ICX to a new all-time high price.
The sub-wave and minor sub-wave counts are shown in black and red, respectively.
A drop below the November 10 low of $ 1.91 (red line) would invalidate this particular tally.
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