THELOGICALINDIAN - Bulls will charge to assignment adamantine to put the brace into a absolutely absolute outlook
ICX / USD Short-term amount analysis
ICON has a bullish angle over the short-term, with the ICX / USD brace attempting to move aback appear its accepted 2024 trading high.
The four-hour time anatomy shows that a arch and amateur arrangement has started to booty shape, with beasts now aggravating to invalidate the bearish pattern.
Technical indicators on the four-hour time anatomy accept angry bullish and highlight the growing concise upside pressure.
ICX / USD H4 Chart by TradingView
Pattern Watch
If the bearish arch and amateur arrangement is triggered, the ICX / USD brace could abatement aback appear the February 2024 trading low.
Relative Strength Index
The RSI indicator has additionally angry bullish on the four-hour time frame, although it is abutting overbought conditions.
MACD Indicator
The MACD indicator on the four-hour time anatomy is bullish and breeding a buy signal.
Fundamental Analysis
ICX acicular afterwards the announcement of P-Rep TestNet, which will be aperture on April 30th. This is an important anniversary for the activity back it puts ICON one footfall abroad from the long-awaited staking. Staking should advice the activity to added decentralize its nodes and the babyminding of the network.
ICX / USD Medium-term amount analysis
ICON has a bullish medium-term trading outlook, with the cryptocurrency advancing aloft its trend-defining 200-day affective average.
The circadian time anatomy shows that a bearish arch and amateur arrangement has formed. If buyers can invalidate the pattern, the ICX / USD brace may assemblage appear the November 7th trading high.
Technical indicators on the circadian time anatomy are conflicted and declining to accomplish bright trading signals.
ICX / USD Daily Chart by Trading View
Pattern Watch
Traders should agenda that a abundant beyond arch and amateur arrangement could anatomy on the circadian time anatomy if the ICX / USD brace declines aback appear the February trading low.
Relative Strength Index
The RSI indicator on the circadian time anatomy is bullish and shows ambit for added upside.
MACD Indicator
The MACD indicator is conflicted on the circadian time frame, with the MACD histogram attempting to recover, while the MACD arresting band charcoal bearish.
Fundamental Analysis
The medium-term angle additionally looks positive. The belvedere affairs assorted releases, with the on-chain acclamation in Q4 2019. In accession to that, the activity is planning several important initiatives that will aggrandize its ecosystem, such as a dApp accelerator program, decentralized exchange, and decentralized identification.
Conclusion
ICON faces a acute analysis over both the abbreviate and medium-term horizon, with buyers defective to invalidate the bearish arch and amateur patterns beyond four-hour and circadian time frames.
If beasts invalidate the pattern, a assemblage appear the November 7th swing-high seems likely, while a bearish breakdown supports abstruse affairs appear the February 2024 swing-low.
For a quick addition into ICON, analysis out our coin guide.
