From an ATH of $12+, ICX now sits at a very dismal $0.30. We’ve all heard many great things surrounding the fundamentals behind ICON, so why is the price lagging so far behind? There are many theories such as investors felt burned and now the interest in the project has been dying. But don’t believe in the FUD saying that ICON is a scam project and its going to $0. There are a lot of good things brewing for ICX in the coming months with staking going live and the election of P-Reps, node valuators of the network. Once decentralization goes live, we should see a huge uptick in price. So lets take a deeper dive into the technicals behind ICX and see whats going on.
First we look into the ICX/BTC pair. At first glance its extremely negative. We see a huge price sell off to all time lows and immediately you will think the project is dead. Although this chart doesn’t look so beautiful, we are almost nearing the end of capitulation as evidenced by the Elliott wave Count. Bitcoin is going on a massive rip tear with institutions coming on board. Remember that every bitcoin cycle, eventually money flows into alts with good projects, respectively ICX as a potential candidate.
More promising is the ICX/USDT pair which is showing accumulation. From an Elliott Wave perspective, we’ve completed the primary wave 1 move that topped around at $0.46. The primary wave 2 retraced into a very confluent area, the 61.8% Fibonacci Level. Furthermore, the wave 2 correction was broken down into 3 parts, a near perfect 1:1 extension of waves A and wave C. We can see that support at approximately $0.2947 was tested several times and is holding very strongly.
Last, we take a look at the macro picture. A quick look into the weekly chart, we see that wavetrend, a momentum indicator is starting to favor the bullish side. This confluences nicely with the $0.29 support mentioned previously. Once ICX gets going with a small catalyst like staking in August, we will see our first obstacle at $0.70. A quick glance at the VPVR, Volume Profile, Visible Range on the right hand side, we see that once the $0.70 resistance is met, there is no resistances above at all. This indicates that most of the sellers are now gone and price has capitulated at this range.
I strongly believe ICX will take off soon. Its only a matter of time. The project is innovating every day with a very strong team and fundamentals. Don’t sleep on ICX.