ICON (ICX) shows strength after breaking 228-day resistance line
ICON (ICX) could soon move to new all-time highs thanks to a sustained breakout and bullish signals from technical indicators.
The ICX has fallen along with a descending resistance line since March 31, when it hit an all-time high of $ 3.20. This resulted in a low of $ 0.63 on June 22nd.
However, ICX has risen higher since then and finally successfully broke the resistance line on November 15th. This was the fifth attempt below the line in 228 trading days.
The breakout was supported by a signal from a technical indicator. The MACD, formed by the short and long-term moving averages (MA), is in positive territory and rising.
The RSI, a momentum indicator, has moved above 50. This usually happens when there is strong upward movement.
As a result, both price action and technical indicators are bullish, which supports the continuation of the uptrend.
Resistance at the all-time high ($ 3.05) would be the next target.
ICX / USDT daily chart | Source: TradingView
Trader @Damskotrades outlined an ICX chart that said the token could trigger a move similar to OMG’s and potentially rise above $ 4.
The source: Twitter
In addition to the breakout described above, ICX has also moved above the small resistance area at $ 2.50. This is another bullish sign and it often results in a significant upward move.
The breakout was also supported by the RSI and MACD, both of which are moving up.
If the ICX manages to stay above this zone, it can climb to the all-time high of $ 3.05.
ICX / USDT 6-hour chart | Source: TradingView
The move since the aforementioned June 23 low looks like a large 1-2 / 1-2 wave formation. This is a bullish structure with the price rising very quickly in wave three (orange). This will likely push ICX to a new all-time high.
The number of partial waves and the secondary partial waves are displayed in black and red, respectively.
A break below the November 10th low of $ 1.91 (red line) would invalidate that particular amount.
ICX / USDT 12-hour chart | Source: TradingView
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According to Beincrypto