ICON (ICX) price is trying to find support, create a higher low, and resume its upward movement towards the next resistance.
ICX price broke out from the descending resistance line on April 1st. It reached the maximum price of $0.49 four days later. However, while this apparently caused a break above the $0.40 resistance area, the price created a long upper wick over the next 24 hours and subsequently declined. These wicks are signs of selling pressure.
ICX price has since declined and is nearing the $0.26 horizontal support area.
Despite the sharp decline, the daily RSI has not produced any downward deviation so far. Moreover, it is still trading above the 50 level, indicating a bullish trend.
As a result, ICX price may rebound at the $0.26 horizontal support area and make another attempt to move towards the $0.40 resistance. A breakout from the latter could trigger the pump to $0.60.
On the other hand, a close below $0.26 could lead to a decline to $0.23.
ICON (ICX) April Price Prediction: $0.60 in Hand?
Technical analysis from the 6-hour time frame provides a bullish forecast for ICX price for the month of April. The main reason for this is the wave count, which bodes well for the future price.
ICX price is in the third wave of the five-wave (white) bullish movement. This is usually the most intense of the five waves. The number of sub-waves is given in black, which indicates that ICON price is completing the fourth wave decline. The decline might end in the middle of the previous ascending channel (green circle), which also coincides with the $0.26 horizontal support area. After that, ICX price could rally to the long-term resistance at $0.60.
Although the number of waves is bullish, a drop below the high of the first sub-wave (red line) at $0.24 will invalidate this. If true, it could cause a drop to the $0.18 support.
In conclusion, the most likely outlook for ICX price is to increase towards the long-term resistance area at $0.60. These bullish expectations will be invalidated with a drop below $0.24. In this case, the price could drop to $0.18.
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Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
