Issued on: 25th May’23
Valid upto: 05th Jun’23
Token: ICX
Category: Layer 1 blockchain
Market Cap: $230,020,707
Circulating Supply: 958,011,533
Total Supply: 958,009,835
Price Update: ICON Network (ICX) is a layer-one blockchain focused on building a multichain bridging solution that is scalable, chain-agnostic, and secure. ICON is a hub that connects partner blockchains with all other blockchains. SXP price at the time of writing (25th May, 16:00) is $0.24 with 24-hour trading volume of $6,562,929 ICX price is down by 1.4% in the last 24 hours according to coinmarketcap.com.
Source: Tradingview
Analyzing the above chart:
- ICX moved more than 150% in the early April’23, and since then, it is following a correction trajectory.
- Currently, prices are trending below 200 EMA (Blue Line) & 55 EMA (Orange Line) and trending downwards.
- The price action is following a zone movement, where it is currently a range bound between $0.24-$0.26, and the support at $0.24 looks bearish as with the general markets.
- A Swing Short Trading strategy can be assessed between $0.240-$0.26 with invalidation above $0.27
- On the downside, one can see a rise of 12-15% towards $0.22 and if markets turn more bearish we can also see moving towards $0.20
- It would seem that one should maintain a balanced risk to reward ratio and check use of leverage and position size to ride out current market conditions.
An illustration of Leverage in Futures Market:
Note: ICX is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade ICX in Futures Market at CoinDCX
Trade ICX in Futures Market at CoinDCX Pro app
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
