The Bitcoin factor – where’s the market maker?
After around two weeks of rapid upwards movement from July 21, the price of Bitcoin has ‘cooled off’ in the last week, but has made another surge upwards within the last 24 hours.
Importantly, the price of bitcoin has successfully tested three important markers, suggesting continuation of the recent bullish trend. Those levels include:
- The 20 week moving average: Historically once the Bitcoin price breaks above this line after a bearish period prices have seen rapid upwards movement over the next few months
- The May crash downtrend line: After the May crash the price of Bitcoin tested a consistent downwards sloping line and eventually broke above it around August 9th 2021
- The 50% Fibonacci level (drawn from the April 2021 top to the May bottom): Typically, crossing 50% Fibonacci levels demonstrate a shift in market sentiment. Crossing upwards tends to signal a bullish period in the market and vice versa. The Bitcoin price crossed the 50% on August 13 2021. While it has not held that level since then, it is demonstrating some strength around that price point.
Why does this impact ICX?
Historically, alt coins including ICX have performed best when the price of Bitcoin is moving sideways, above the 20 week moving average. We’ve been in that situation in the last week and many alt coins have seen massive gains. Some examples include LUNA (up around 150% since August 9) and SOL (up almost 100%in the same period).
ICX has not seen a similar surge, just yet, but it may be around the corner.
ICON has a number of big announcements in the next few weeks that could be the momentum push required to propel the price of ICX to new heights.
Balanced: We’ve covered progress of one of ICON’s top defi projects over the last couple of months. Major service level upgrades that have the potential result in a large influx of users is always a good milestone for investors. Check out our recent articles about Balanced below:
OMM Launch next week: Omm is designed to be accessible to anyone, even those new to cryptocurrency. Again, moving towards blockchain-based cryptocurrency products that are easy for users is a great way for ICON to expand its market share, vitalise it’s marketplace and boost the price of ICX. Look out for a potential ICX price spike, once OMM launches next Tuesday (EST). And be sure to check out our article introducing OMM below and watch out for further updates in the coming weeks.
ICON 2.0: This major upgrade to the ICON network will move the project a major step forward in its mission to deliver simple, yet comprehensive solutions for developers and ultimately consumer products and services. ICON 2.0 will deliver a much anticipated boost in interoperability and could positively impact the price of ICX once it launches within the next few weeks. Be sure to check The Iconist for updates, including an upcoming interview with ICON Founder, Min Kim.
Just for fun, we’ve mapped out below where the price of ICX could be within the next two to three weeks. If this jump in price is achieved it would mean a USD $2.00 ICX, a very impressive jump from its lows of around USD $0.70 just a couple of weeks ago.
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.