Currently, ICON is trading very close to the $3.3 support level, that is 127.2% Fibonacci retracement applied to the corrective wave after the breakout of the uptrend trendline.
Although price went below that level previously, the weekly close remains above. Throughout this month ICX/USD has already rejected that level and could repeat it once again, potentially reversing the price to the north.
The recent downtrend trendline shows that Icon failed to close above it, therefore daily break and close above the $4.2 should confirm the uptrend, that might result in a 300-400% growth in the medium term. Closest upside target is 127.2% at $15 area, while the next target is 161.8% Fibs at $20 area.
On a downside, break and close below $3.3 support should send price lower, either towards $2.3 or $1.2 level, that would make a buying opportunity even better.
Although price went below that level previously, the weekly close remains above. Throughout this month ICX/USD has already rejected that level and could repeat it once again, potentially reversing the price to the north.
The recent downtrend trendline shows that Icon failed to close above it, therefore daily break and close above the $4.2 should confirm the uptrend, that might result in a 300-400% growth in the medium term. Closest upside target is 127.2% at $15 area, while the next target is 161.8% Fibs at $20 area.
On a downside, break and close below $3.3 support should send price lower, either towards $2.3 or $1.2 level, that would make a buying opportunity even better.
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