The ICON (ICX) token has been climbing strongly lately, however, following the widespread crypto market crash, much of the gains have been shrouded, leading to some short-term negativity.
At the time of this writing, ICX is trading at $ 1.52, accumulating a loss of 11.52% in the last 24 hours. Its market capitalization is $ 1,037 million, making it number 91 in the Crypto Online ranking.
In case you don’t know, ICON is a blockchain that aims to offer interoperability between different networks, which allows chains such as Ethereum and Bitcoin to communicate with each other to carry out operations.
Without a doubt, this is a very attractive function, which has generated a great growth of this network in a few months.
Currently, version 2.0 of the CON blockchain is in development, which has been generating positivism in recent months in the market for its native token (ICX).
The update proposes to integrate interoperability with the Binance Smart Chain, compatibility with smart contracts, and a new search engine called goloop.
Technical analysis of the ICON token (ICX)
On the daily candlestick chart we see that the ICON token is still bullish in the short term, due to continued higher and lower lows and highs.
However, the great bearish force that we have been seeing during the day today is putting the bullish direction in jeopardy.
To confirm that the sellers have taken control, the support located at $ 1.47 must be broken. As long as it does not happen, we can still expect profit for the next days / hours.
From the weekly time frame we notice a clear long-term bullish bias.
Recently, after the price reached the resistance zone left by the all-time high, a strong correction started, which has been hampering the larger trend.
Now with the rejection of high prices that we see today, it appears that the ICON token is preparing to fall further in the next few hours / days. However, a decline would not be too worrisome as long as the support at $ 1.20 holds.
In case the support at $ 1.20 is lost, then we could see selling up to $ 0.76. At the moment this is an unlikely scenario.
If ICX manages to break through price resistance at $ 1.71, then we would see a rally to a low of $ 2.61.
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