ICX price has been trading in a range since February 6. It hit the bottom of the range on February 26 and started moving to the top of the range. On March 5, the price created a giant bullish candle.
Highlights on ICX prices
- ICX is trading in the range of 3,350 to 4,550 satoshi.
- A golden cross appeared on February 5.
- There is great support at 3,000 satoshi.
- There is resistance at 5,500 satoshi.
On March 5, the Korean National Assembly passed a regulation that led to the restructuring of cryptocurrency exchanges, with the aim of reducing money laundering. ICX, a coin from Korea, was later pumped by some people called the Korean version of Ethereum. This was noted by trader Nico, who sketched an ICX chart showing a huge engulfing candle with a gain of nearly 30%.
Falling wedge breakout followed by South Korea legalizing Crypto (🍀) https://t.co/TRxLZYeBxr …
Currently up almost 30% as it crossed over ~ 4000 sats resistance
While a retest & potential R / S may happen (entry), I would expect continuation toward ~ 5200sats
UCTS 🚀#ICX pic.twitter.com/pdY9YG243z
– Nico (@CryptoNTez) March 5, 2020
How long will ICX continue its rise? What is the next goal? Let's find out.
Scope of transactions
On February 4, ICX price reached a high of 6,479 satoshi but began to decline rapidly the following day. The price reached Fib 0.618 levels at 3,350 satoshi on February 7 and retest on February 17, creating a double bottom. It then started to rise and created a bullish submerged candle on March 5. These characteristics are close to the bull formation and suggest that the price will expand.
Currently, ICX is trading in the range from 3,350 to 4,550 satoshi, which are the levels of 0.618 and 0.382 of the whole rally.
On another positive note, a bullish cross between the MA 50 and the 200-day moving average took place on February 3. Formerly support for prices.
Let's take a closer look at another time frame to determine if the price will break out of this range.
The weekly chart provides two additional critical areas, found at 3,000 satoshi (support) and 5,500 satoshi (resistance).
The price has broken out of the 3,000 satoshi area with very significant volume and confirms it is support later. Therefore, the move as usual will be another breakout attempt towards the area above 5,500 satoshis, consistent with the daily chart.
However, the 5,500 satoshi area is the previous breakout level, so we cannot confidently make predictions that the price will rise above it.
In summary, ICX price has broken out of the significant resistance level and confirmed it is a support after that. Price is expected to test the 5,500 satoshi resistance area again.
You can see the price of ICX here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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