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ICON (ICX) price prediction is bearish as the Layer 1 token trades in a significantly bearish chart pattern, with bears focused on undoing all the gains made between June 16 and July 17. Meanwhile, investors are looking to new cryptocurrency such as Shibie Coin, which is performing well in presale and potentially making 20x returns in 2023.
ICON Price Stares Into an Abyss as Losses to $0.1683 Loom
ICX price bounced off the $0.1683 support level on June 16, staging a 50% rally to set a swing high at $0.2536 on July 17. Rejection from this level saw the ICON price record a series of lower highs and lower lows with almost a similar trajectory it had risen with.
This price action has led to the appearance of an inverse V-shaped pattern on the daily chart, pointing to a continued downtrend.
The Relative Strength Index (RSI) was pointing downward, and the price strength at 36 reinforced the bears’ grip on the ICX price. In addition, the Moving Average Convergence Divergence (MACD) indicator had just crossed the neutral line into the negative region. This suggested that the market conditions favored the downside.
Therefore, a daily candlestick close below the $0.20 psychological level would trigger massive sell orders that could pull the price toward the $0.185 demand zone. Breaching this level would see the ICON price drop to reach the bearish target of the prevailing chart pattern at $0.1683. This would represent a 17% decline from the current price.
ICX/USD Daily Chart
Also supporting ICX’s grim outlook was the stiff resistance the altcoin faced in its recovery path. The most significant hurdle was the supplier congestion zone between $0.220 and $0.2406, where all the major Simple Moving Averages (SMAs) sat.
Bulls must push the ICON price back above the SMAs to ensure a sustained recovery. Above that, the next logical move would be a return to the $0.2536 local high. This is where ICX’s upside could be capped as profit-booking kicks in, occasioning another downturn.
ICON Network 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 integrated via BTP.
ICX Alternatives
Shibie Coin is an audacious and unique cryptocurrency that aims to make an indelible impact in the blockchain industry. Drawing the crypto community’s attention, Shibie Coin combines a feline’s elegance with a true pioneer’s trailblazing ambition.
🎤 $shibie's out of crypto jail and back on stage, entertaining fans with her singing! There's no end to this Diva's talents. From behind bars to center stage, she never misses a beat! #memecoin #bullrun #PNDC
Enter the #presale now: https://t.co/0vq6u6CXw2 pic.twitter.com/4q83iobHHr
— Shibie Coin | Live (@ShibieCoin) August 6, 2023
Shibie Coin presents interesting tokenomics thoughtfully allocating 60 billion $SHIBIE tokens as follows: 60% for the presale, 10% for CEX listings, 5% for the team, 5% for marketing, and 20% for liquidity.
The platform’s native token, SHIBIE, is currently in presale and has already achieved an impressive milestone of $177,122.35, with a target of reaching $999,999 within the next six days.
Aspiring investors can participate in the presale by connecting their digital wallets to the token’s website and exchanging their ETH or BNB for SHIBIE tokens. Each SHIBIE coin is currently priced at $0.000167.
Visit Shibie Coin here for more details on becoming part of this extraordinary opportunity!
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