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ICON (ICX) – How can the price react now?

The native token of ICON network is ICX that is used as a mode of payment. At the time of writing ICX is being traded at the price of $2.28. The price has decreased by almost 8.04% in the past 24 hours. The trading volume has also decreased by almost 10% today. ICX has created its all-time high around the price of $3.20 in March 2021.

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Among the top 100 coins today, ICX is one of the top losers. ICX is listed on coinmarketcap on the 82nd spot and has a market dominance of about 0.06%. The past month has been extremely bullish for the price. In October alone we have seen an increase of about 52.68% in the price of ICX. In July ICX was being traded at the price of around $0.62 and now it has nearly done three times from the bottom that it had created. ICX has a limited supply of about 800M ICX and the current circulating supply is around 673M.

Technical Analysis (ICX)

On the monthly time frame, we can see that has been bullish with a huge amount of buying strength in the last month (absence of wicks). On the weekly, the price is continuing its uptrend making higher highs and higher lows. Now on the daily time frame, we can see that the price has rallied upwards and as a result, an imbalance has been created. Now after it rallied, the price did a fake-out and dropped down to grab the liquidity present in the imbalance. Now we can expect the price to rally upwards again.

Now there is an order block present above, we can expect the price to move to that level and then drop down to the order block that is present below which is still unmitigated. But whether the price is going to drop down or not all depends on how the price is going to unfold on the order block present above. So an important level to watch is around the price of $2.4.

Long Term Investment

According to wallet investors, ICX is a very good investment. In a one-year plan, ICX is expected to reach a price of  $230.325. In a five-year plan, ICX is expected to reach a value of $480.970 which is almost 3 times of what it is being currently being traded at.

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