2020 began well for the cryptocurrency market, so all this time, we could observe the positive dynamics of price formation of both Bitcoin and almost all other altcoins. But even this fades against the backdrop of ICON (ICX), which is a relatively small segment of digital assets discovered during a parabolic recovery over the past few days.
This parabolic rally has led ICON to a key area of resistance, and the digital asset is showing signs of a slowdown as the immense buying pressure that led to this massive rally begins to slow.
It is important to note that the ICX rally can provide some critical information about where other altcoins are going, and one analyst believes this may signal the next “alternate season,” which is inevitable.
ICON Hits Key Resistance as Parabolic Rally Slows and as Crypto Market Faces Turbulence
It is worth noting that at the moment, ICON is trading with an increase of almost 40% at its current price of $ 0.516, which is much higher, taking into account previous increases in daily lows.
It is important to note that the ICX began its parabolic rally in late January, which was approaching the long climbing period that crypto encountered at the beginning of the month when it climbed from the lows of $ 0.10 to the highs of about $ 0.18.
Once it reached this level, cryptocurrency bulls quickly catalyzed a considerable number of impulses, which led to the fact that cryptocurrency achieved market-leading results that have historically been observed only during massive bull market trends.
Bugsy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that ICON is now starting to shrink, as it builds on high timing stability, which could mean that its recent highs of $ 0.56 would mean a mid-term peak.
Could ICX Offer Insight into What’s in Store for Other Altcoins?
It is also worth paying attention to the words of Jacob Canfield, a popular crypto-market analyst. Yesterday, he mentioned in his tweet about his hopes regarding the recent achievements of ICON, which will set the stage for other altcoins, adding that he expects some consolidation before it potentially continues to grow.
Although this may just be a one-time event that happens in isolation, the current battle with the side trade of Bitcoin in a region with less than $ 9,000 may be just what individual crypto needs to start a crazy increase in profits.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.