ICON (ICX) has formed a bullish structure. The long-term trend may have turned bullish. ICX is the native token of ICON, a blockchain platform with the ability to connect multiple independent blockchains, build Dapps, and DeFi projects. It is often referred to as the Ethereum of South Korea.
Weekly Outlook
The price of ICON (ICX) has dropped below the 20-week MA line since breaking below it in late November 2021. This line has rejected the price many times and led to a low of $0.139 in December 2022.
Since then, the ICX price has risen back up and broke above the 20-week MA line in mid-January. After the initial rejection, it successfully flipped this MA line into support (blue arrow) and began another uptrend.
This increase has helped the price break above the $0.3 level and form an uptrend structure. This is a very positive development as it shows that ICON (ICX) has started a new uptrend.
Indicators support this possibility as the 20-week EMA line slopes up and the RSI indicator is above 50.
Therefore, the ICX price is likely to continue to rise to the next resistance level at $0.6.
Descending parallel channel
The ICX price has been trading within a descending parallel channel since May 2022. This is an bullish pattern that often leads to a breakout in most cases.
Indeed, the price broke above the channel and confirmed it as support on April 2nd. This action has accelerated the pace of the uptrend and the ICX price is currently approaching a small resistance level at $0.4.
As this channel has been formed for nearly 11 months, the movement after the breakout will be very strong. Therefore, the ICX price may break through the $0.4 resistance level after a short consolidation and rise to the target of the pattern at $0.64. This target also coincides with the horizontal resistance level outlined above.
Conclusion
The most likely prospect indicates that the ICX price will continue to rise to $0.6.
This view will be invalidated when the price breaks down below the 20-week MA line at $0.21.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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