Last week we targeted a 50% price hike for ICX. That price target is still in play.
The price of ICX and the vast majority of other altcoins, closely tracks the price action of Bitcoin, the crypto leader with almost 50% market dominance.
Read about how and where to buy crypto, including ICX
We have noted recently that the price of ICX often follows Bitcoin’s rises and falls, with a time lag of around 2-3 days. For example, Bitcoin saw a large price hike of around 18% between July 21, 2021 and July 27, 2021. This move seems to be playing out on the ICX chart at the moment, with a more leisurely climb out of the danger zones at around $0.70.
Are we on our way to new all time highs?
It is too early to say. The recent move upwards is certainly very positive. In fact it is the largest move up since the price of all cryptocurrencies plunged in May. That is certainly very positive. However, we’re not out of the woods yet. Even the upwards price action of the last week puts ICX’s price below the previous high – we are still in an overall downtrend. There is also a strong band of resistance at around the USD $1.00 level that price will need to breach, in order to return to strong and trusted upwards movement.
How is our price prediction from July 23 playing out?
In last week’s ICX price update we identified around the $1.00 point as a potential target for ICX within the next two to three weeks. Based on the chart (see below) this target seems very much within reach. This would represent a 50% price increase, since the crypto’s lows of $0.65 on July 21, 2021.
4 hr Chart from Trading View – captured at 2:40pm KST on July 30, 2021. Blue arrow represents our ‘still in play’ price target for ICX within the next two weeks.
Is it a good time to invest?
While ICX is moving closer to a 50% price rise in the last couple of weeks, the price is still discounted around 70%, based on it’s recent highs in May. Therefore, for long term investors now could be an excellent time to invest in ICX.
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.
