- This is Part 3 of TA/Commentary for ICON.
- Part 1 here -> ICON 25th February 2018.
- Part 2 here -> ICON 9th March 2018
Since my last update on ICON (Part 2), it continued to consolidate and then fall further. It fell another 23.61% reaching its 2018 low of 0.0002135 Satoshi’s.
The technical indicators suggested that further pain was to come and that the value of ICX was reaching much oversold territory.
It has since rebounded dramatically. Today alone it has increased by 30.18% at the time of writing.
It is now at 0.0003838 Satoshi’s.
From its recent low back on the March 18th 2018 of 0.0002135 Satoshi’s it’s total increase has been 81.17% helping to erase losses incurred over the past 1 month.
ICON is Ranked 20th on CMC with a Market Cap of $1.3bln.
- It is aiming to ‘Hyperconnect the World’.
- ICON is a South Korean based Company that is hugely ambitious and has partnerships and associations with Banks, Securities, Insurance, Universities and Hospitals.
- ICON hit its all time high (ATH) on the 30th January 2018 reaching 0.0009194 Satoshi’s.
- Since then it has fallen 57% in just 50 days and is current priced at 0.0003838 Satoshi’s.
- The fall has been more severe than the wider market due to stricter rules/regulations/restrictions being put in place across S. Korea.
- Primary Trend is distinctly Bearish and the current price has just broken above what might be considered an historic Major Support, 0.0003750 Satoshi’s.
This Major Support was previously only interacted with during the early February 2018 at the height of a tirade of FUD.
- At this point I would expect to see either a small (33%) sell off and/or a consolidation period.
The Price Strength (RSI) is now back above 50 and indicating a Bullish Price Strength Momentum.
- I suspect that we will now see a fall over the next few days back to at least 50.
- Price is above the 12 and 25 day Moving Averages (scaled back due to limited trading data). It is approaching and likely to bounce off of the 50 day Moving Average. Lightly Bullish.
- Trading volumes have dramatically increased and have matched previous ATH’s.
- The MACD has broken above the Signal indicating a positive Price Momentum. The Histogram has also turned positive. Both Bullish Indicators.
0.0003750 to 0.0004000 Satoshi’s is a price bracket where there is a both technical resistance/support and a psychological barrier/support. The primary reason being that this is where many investors first got into ICON. Late December 2017 and early January, the height of the Altcoin Mania. This is a bracket where those who have held for the last three months and have only seen declines might choose to cash out and breakeven/small loss. It is also a point where investors who have recently purchased will likely anticipate a possible resistance/sell off and in turn might choose to take a degree of profit. A self fulfilling prophecy.
As per my last analysis I feel the same on a fundamental basis; ICON has so much going for it; it’s backed by real partnerships including the S. Korean Government.
With continuing Crypto trading restrictions across S. Korea it forces many Crypto participants new and existing to have an exposure in ICON in some way shape or form. ICON along with NEO are the two main (Platform based) Poster Children for Asian Investors. Let’s not forget that although Asia has some of the tightest Crypto Rules and Regulations, it does have the largest Population cluster/focus in the world, almost 2.5 billion. Many of which Crypto/Blockchain services are developed specifically for to help address the connection between poverty and access to financial services.
In short – short term Bearish Pending a ‘convincing’ break above 0.0004000 Satoshi’s. Long term – VERY BULLISH!