Trade ICX in Futures Market at CoinDCX
Issued on: 22nd Aug’23
Valid upto: 29th Aug’23
Category: Interoperability
Market Cap: $161,482,579
Price Update:
ICX’s price at the time of writing (22nd Aug’23, 14:07) is $0.1673, with a 24-hour trading volume decreased by 42.53% to $2,625,896. ICX price is down by 1.30% in the last 24 hours according to coinmarketcap.com.
Analyzing the above chart:
- ICX has formed a bearish “head and shoulders” pattern in the one-day timeframe.
- This pattern is further validated by the presence of a bearish flag pattern, confirmed after breaking the neckline of the “head and shoulders” pattern, indicating a bearish trend.
- The confirmation is also supported by observed volume patterns.
- At present, ICX is undergoing a retest of the breakdown level of the bearish flag pattern, which suggests a downward movement.
- Key downward support levels to watch include $0.1507 (previous week’s low) and $0.1402 (last major support).
- A drop below these levels could lead to a significant price decline.
- On the upside, immediate resistance levels are noted at $0.1701 (key level retest) and $0.1759.
- Additionally, ICX is currently trading below the 20, 50, and 200 Exponential Moving Averages (EMA) on the daily chart, further indicating bearish sentiment.
- A Short Trading strategy can be assessed between $0.1701-$0.1665 with an invalidation above $0.1774
- On the downside, one can see a fall of 15-20% toward $0.1552 , $0.1458 & $0.1401 (valid for 7 days)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: ICX is now available in the futures market in both Go and Pro apps with up to 15x leverage.
LAST 30 DAYS ANALYSIS SUMMARY
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 25-July | DOGE | Long | 6.97% | 55.76% | 0.95% |
| 26-July | WLD | Short | 7.60% | 60.81% | 0.85% |
| 28-July | ETH | Short | 2.53% | 20.27% | 0.36% |
| 1-August | OP | Short | -5.33% | -42.64% | 0.43% |
| 3-August | BCH | Short | 6.39% | 51.12% | -0.52% |
| 4-August | FLOW | Short | 6.16% | 49.28% | -1.90% |
| 4-August | 1000SHIB | Long | 26.16% | 209.30% | 1.41% |
| 7-August | MAGIC | Long | -2.59% | -20.75% | -1.69% |
| 8-August | ADA | Short | 11.27% | 90.19% | -4.27% |
| 11-August | AAVE | Short | 11.53% | 92.22% | -4.15% |
| 17-August | INJ | Short | 15.53% | 124.22% | -12.06% |
| 21-August | RNDR | Short | Trade is live | – | – |
| AVERAGE RETURN | 7.84% | 62.7% | -1.87% | ||
| SUCCESS RATE | 82% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
Disclaimer: “The information, advise and/or views provided on this page are that of the author or company and are for informational purposes only. The Platform does not intend to: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) to provide accounting, legal, or tax advice, or investment recommendations, or (iii) make any representation of any kind, express or implied, on accuracy, availability, reliability or completeness of the same. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. AT NO TIME WILL THE PLATFORM BE LIABLE FOR YOUR USE OR RELIANCE OF THE SAID INFORMATION, ADVISE AND/OR VIEW WHICH IS SOLELY AT YOUR OWN RISK.”
