ICX Crypto Retraces 50 EMA: Can Icon Lure In New Investors?

• 1 ICX crypto price got support from the 50 day EMA and jumped higher intraday.
• 2 The Icon crypto price is at $0.317, reporting a rise of 2.35%.

The ICX crypto got the buyers back on Wednesday near the 50 day exponential moving average and snapped off a three-day losing streak. The bulls made a comeback at the lower levels as the price attempted to slide below the key moving average of 50 days.

Despite registering a sharp fall in the last couple of sessions, the long term trend still points towards the positive side. The price is significantly higher above the 200 day EMA.

However, the recent price drop has weakened the short term trend outlook. The bulls need to establish themselves at the lower levels in order to prevent further fall. Currently the dynamic support of 50 day EMA may act as a support zone.

ICX Crypto Volume Analysis

The volume analysis shows that ICX crypto received nearly $16.05 Million volume in the past 24 hours which is nearly 16% less than the previous day. The volume chart showcases a bearish curve in the last few sessions. The volume inflow is decreasing, invalidating buyers’ interest at higher price levels.

The live market capitalization of Icon crypto is $311.73 Million and stands at 236th as per the market cap value among all the cryptocurrencies. It has a circulating supply of 987.60 Million ICX tokens which is also the total supply.

Volatility And Sentiments Charts Shows Mixed Reaction

The volatility has surged in the last two weeks indicating the increasing instability in the price. The weighted sentient curve of ICX crypto chart shows that the overall sentiment fell below the zero line. However, the sentiment curve has reclaimed back above the zero line indicating positive sentiment rising in the recent sessions.

Icon Crypto Social Sentiment Insights

The social indicators like social dominance and social volume represents the rising or losing interest of the users towards the crypto. The social dominance curve shows a positive trajectory in the recent sessions. It concludes the rising participation of the social media users.

The number of X followers were constant in February and March with slight fluctuations in the number of users in ICX cryptocurrency. The change in the number of twitter followers in the past 24 hours is 15 and the number of X followers changed in the last 7 days are 95.

ICX Crypto Price Prediction 2024.

On the most optimistic note, Icon cryptocurrency could gain to a high of $0.426 as the highest price in April if the bulls defend the price above the exponential moving average of 50 days. On the other hand, the most pessimistic prediction of our analysts is for the price to retrace the 200 day EMA if 50 EMA breaks.

Conclusion

The Icon crypto retraced the 50 day EMA and jumped higher nearly 2.35% in Intraday on Wednesday. The bulls seem to be establishing their position near the 50 day EMA. whereas the bears are attacking from the higher levels and looking to reclaim their dominance over the trend.

The short term trend outlook has weakened after the price drop in the recent sessions. The long term trend is still positive above the key moving average of 200 day EMA. The short term traders and investors may target higher levels of 30 to 35% by the month end.

Technical levels:

• Support Levels: $0.307 and $0.253
• Resistance Levels: $0.378 and $0.426

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.

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