In the crypto markets, there is a time to buy, a time to sell and a time to wait patiently.
Two weeks ago, we made a bold prediction that the ICX price would hit $1.00 within the next two weeks. That prediction played out even more perfectly than we could have expected. Price arrived at the target a few days ahead of schedule, but then swung back into our predicted location.
ICX-USD chart from Tradingview, captured at 1:08pm KST on Friday, August 6 2021. Blue arrow represents our target from July 30, 2021.
Read about how and where to buy crypto, including ICX
So, what’s next for ICX?
Honestly, it’s been very difficult to come to a consensus on where ICX is headed over the next couple of weeks.
Cryptos have seen some substantial upward movement over the last couple of weeks, heading out of their downward movements of the previous three months. But, we seem to be at a turning point, rather than in the middle of a strong resurgent upward trend.
Will it go up?
There is room for further movement upwards in the coming days and weeks. The ICX price has broken resistance at around $1.00 and created the first ‘new high’ in around three months. That’s positive and brings into play a number of further upward targets within the range of $1.15 – $1.40. At the upper end, we’d be looking for a break out of the downtrend of the last three months. If ICX can break past $1.40 and consolidate in that range, it would be especially bullish.
The most bullish scenario is unlikely. The price is already up by almost 60% in two weeks – at the time of writing – and another 40% jump from this point in a similar time period is unlikely.
Will it go down?
Some ‘cooling off’ from this point is expected. Price could quite easily drop in the coming two weeks to around the $0.84 level. That is a point of previous support and would represent around a 50% retractive pull back from the recent run. That would be a healthy pull back and if the price consolidated at that level or rose again from that point it would help to confirm that we are making our way ‘out of the woods’, since the May crash. A higher high, followed by a higher low would demonstrate a strong move to the upside rather than a ‘fake out’.
Will it go sideways?
This is also a likely scenario, with price staying ‘range bound’ for a period of time that could last days to weeks.
Bitcoin – the most consistent barometer of crypto price movements – has reached a point of strong resistance at around $42,000 and failed the first test to punch through. It is also approaching the 20 week EMA, from below. This EMA has typically provided strong resistance if Bitcoin is below it, or strong support in the case that Bitcoin can break through and hold above it. It has often taken weeks for Bitcoin to make a decisive move through this moving average and start a new and sustained move.
Does it matter? Not really
Up – A sustained move upwards would be great. If we jumped straight back into a three month bull run, it would not be surprising, though perhaps slightly unlikely.
Down – A move downwards to test the strength of the recent move would help clarify if the move was a fake out or a move into a strong bullish period. A further move down, even below recent lows, would offer additional opportunities to ‘buy the dip’. This move would likely extend the current bearish period for a further three months.
Sideways – A move sideways would help to confirm a break out of the recent bearish action, since May, and establish a strong base for further upward movement in the next few months. This would likely be a more ‘healthy’ move than straight up to new highs.
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 an interesting and fun narrative around the price of ICX. But we can provide no guarantee that our opinions are accurate or that any projections will hit, or come close to hitting.
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.
