Hey friends, hope you are well and welcome to the update on the ICON (ICX) coin.
Long term up-channel:
The price action is moving in a long-term up channel on the weekly chart and reached the resistance. Candlesticks also having good supports of EMA 10 and 21 as well.
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Support and resistance levels and SMAs:
The price action of the ICX coin is rejected by the $0.65 resistance level and moving between $0.55 to $0.65 support and resistance level. If the price action will break out the $0.65 resistance then in the long-term there is no significant resistance up to $2. 40. The price action also has good support of SMAs with the time period of 25, 50 and, 100.
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Simple moving averages on the daily chart:
Simple moving averages on the daily chart, with the time period of 25, 50, 100 and, 200 are moving above the price action of ICON and 25 SMA is likely to cross down the price action.
Ichimoku cloud:
On the long-term weekly chart, the price action had a powerful resistance of Ichimoku bearish cloud but now the cloud is turned bullish , so now the priceline may break out this bullish cloud.
This move can be like Ethereum when the price action of ETH found weak resistance of Ichimoku cloud on the weekly chart, then it broke out this cloud with powerful bullish divergence.
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Conclusion:
Even though on long-term, the price action of ICON is having strong resistance of an up-channel but from small, to long-term the priceline of ICX is turning bullish. Once the channel on the channel on the weekly chart will be broken out then the priceline may start a powerful bull run soon.
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