Article structure notification: the article is divided in three sections. First section is focused on short-term, technical and speculative analysis of the project – this is regularly updated part of the article. Second section is focused on general market and sentiment analysis and third section is focused on the long-term, fundamental analysis and future prediction of the project – this is occasionally updated part of the article.
Mid May Update: Technicals
ICX is currently in a non-trending environement, ranging in a horizontal channel between two heights of 4.6k and 5.3k sats.
Breakout point for ICX would be the Fib50 level at 5260 sats. This is a breakout level for ICX and closing a candle above it would indicate a run towards the resistances from larger timeframes at 5700 and local high at 6440 sats.
Breakdown level is at the most recent bottom at 4640 sats, a dip below it would mean ICX is heading to the all time low of 4090 sats, recorded a week ago.
All moving averages are also aligned in a descending order, widely considered as the bearish setup.
ICX is in a trendless randing on the weekly timeframe, indicating that a major trend is neither bullish nor bearish. It is bouncing up and down in this horizontal channel and only if it manages to break the 10k sats resistance, it would enter a major bull trend.
One thing to bear in mind is the turbulent and erratic nature of bitcoin – a sudden thrust up or slide down is always on the cards which would invalidate this and all other analysis and predictions. In such cases, market is shaken up with most traders exiting altcoins and entering bitcoin positions or seeking shelter in stablecoins, especially in the initial phases of bitcoin…