A great time to buy
ICX holders hopefully have been stocking up on their ICX crypto stashes over the last few weeks, capitalizing on some incredible discounts.
The price of ICX reached an all time high on April 21 of just over USD $3.00. It has since crashed, losing around 80% of its value against the US dollar.
Though bear markets can be frightening, they are a great time to do a bit of dollar-cost averaging with your favorite cryptos, increasing your holdings ahead of the next bull run. Even if you didn’t cash out at the all time high, it may be a good idea to hang on to your ICX at this stage, and use periods of downward motion to increase your stash.
New uptrend being confirmed
We seem to be witnessing the start of a new upward trend for cryptos that could last several weeks.
It’s too early to say for certain, and there are no guarantees against a renewed downward trend following this much anticipated relief rally. Additionally, we will likely need to wait many months before we see new all time highs. However, the price action over the last few days has looked very positive. This has no doubt pleased the many crypto investors who have been patiently waiting for a respite from the long term downtrend of the last few months.
So, what’s happening?
Bitcoin broke its roughly three month downtrend within the last 24 hours (see chart below). The Bitcoin price created a new “higher high” on the charts, reaching a new high of USD $32,869. This represents a considerable jump in price — it was below USD $29,500 just three days ago on July 20.
We’re still waiting for absolute confirmation of this new uptrend
When we see a new ‘higher low’ form on the Bitcoin chart, this trend will be confirmed. If that happens we can expect to see the Bitcoin price rise to somewhere around the USD $36K range within the next few weeks.
When Bitcoin does well, Altcoins are not far behind
ICX is still technically in an overall down trend, but showed positive gains in the last 24 hours, with the price increasing from around $0.65 to around $0.78 at the time of writing. Importantly, the price did not break a new “lower low,” suggesting a reversal of the downtrend we’ve witnessed over the last two and a half months.
50% increase for ICX?
If ICX reaches its target price of around USD $1.00 this will represent around a 50% increase, compared to its recent lows ($0.67 -> $1.00). We will be sure to keep you updated on price movements as they unfold.
ICX is still technically in a downtrend, but the price is heading towards the downwards trend line. If the ICX price follows the recent trajectory of Bitcoin, it is likely to confirm a new up trend within the next few days.
Within the last day, the price of Bitcoin passed its recent down trendline and has created a new ‘high’ on the charts. A new uptrend can be confirmed once a new ‘higher low’ appears on the chart that will then likely be followed by a new ‘higher high’.
Disclaimer: This article contains the opinions of the writer and it is not intended as financial advice. We have done our best to turn understanding of the charts into a price projection for ICX. But we can provide no guarantee that our opinions are accurate.
Before making any investment in cryptocurrency, do your own research, apply strict risk management and understand that investing in cryptocurrencies has shown potential for excellent returns as well as huge losses.
