ICON—focused on interoperability is a decentralized blockchain network and invited cross-chain use case, which otherwise would not be manageable without an interoperability layer as ICON. The network aims to become interchain, which can ease multiple blockchain connections based on MTP technology.
ICON is one amongst the top 100 platforms of the global crypto market, and its native cryptocurrency broke 22-month resistance in the previous month with a long bullish candle marking a high at $0.804.
ICX—the native of the ICON blockchain platform, is currently trading at $0.460, with a candlewick slightly below 50.0% fib retracement level. ICX/USD, after drawing a 22-month high above $0.80, towards the end of the previous month, has gradually declined by over 40% in less than two weeks from the YTD high.
With the recent bearish move, the price trend of ICX/USD is seen breaching the lower band with no support from the MA50 after plummeting below $0.45 but holds support from MA200 at $0.338. The MACD indicator reflects negative bias as well due to the recent bearish move.
Alongside, the largest cryptocurrency by market capitalization is also seen testing supports as low as $10.3k, and the altcoins feel the pressure too. The RSI of the ICON falls from the overbought region and is currently lying at 42.42.