Price of ICX could soon move towards new all-time highs thanks to the ongoing breakout and bullish signal from technical indicators.
ICX has been falling alongside a descending resistance line since March 31, when it hit an all-time high of $ 3.20. This resulted in a low of $ 0.63 on June 22.
However, ICX has edged higher since then and finally successfully broke above the resistance line on Nov. 15. This was its fifth attempt in 228 trading days below the line.
The breakout was supported by a signal from a technical indicator. The MACD, created by the short-term and long-term moving averages (MA) is in the positive zone and is increasing.
The RSI, which is a momentum indicator, has moved above 50. This usually happens when there are strong upward movements.
As a result, both price action and technical indicators are bullish, supporting the continuation of the uptrend.
Resistance at all-time high ($ 3.05) would be the next target.
Trader @Damskotrades outlined an ICX chart, stating that the token could initiate a movement similar to that of OMG, and can rise above $ 4.
In addition to the breakout outlined above, ICX has also moved above the minor resistance area at $ 2.50. This is another bullish sign and often leads to a significant up move.
The breakout was also supported by both the RSI and the MACD, which are both moving up.
If ICX manages to sustain above this zone, it can rally to an all-time high of $ 3.05.
The move since the aforementioned June 23 low looks like a large 1-2/1-2 wave formation. This is a bullish structure where the price rises very quickly in wave three (orange). This will likely take ICX to a new all-time high.
The number of sub-waves and secondary sub-waves are shown in black and red, respectively.
A drop below the November 10 low at $ 1.91 (red line) would invalidate this particular number.