The breakout rally of the falling channel pattern awaits the upside continuation as the ICX sellers control the $0.40 overhead resistance. Key technical points: The ICX price shows a consolidation rally between $0.33 and $0.40 Range breakout would kickstart a directional rally The 24-hour trading volume of Icon is $16.84 Million, indicating a hike of 13.25%. Past Performance of ICX On April 3rd, a failed attempt from ICX buyers to surpass the 200-day EMA triggered a significant correction rally in a falling channel fashion. The death spiral depreciated the altcoin by 70% to eventually take support at the $0.33 mark. After taking support, the downtrend takes a lateral shift and forms a consolidation range with the overhead resistance at $0.40. However, the growing bullish influence on the accumulation leads to a higher low formation and increases the chances of a bullish breakout. Source- Tradingview ICX Technical Analysis The ICX price shows a higher price rejection streak near the $0.40 barrier, and the lack of breakout attempts makes it more challenging for the buyers to surpass it. Moreover, the lack of a significant rise in the intraday trading volume questions the breakout. The 50-day EMA offers constant resistance to the price trend and assists bears in preventing a breakout from $0.40. Moreover, the bearish alignment of the falling crucial EMAs displays a long-coming correction phase. However, the gradual rise in MACD a...
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