TRON (TRX) and ICON (ICX) Price Technical Analysis: Bull flag pattern gives way for more gains

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TRON TRX price Technical analysis

TRON TRX is closing the trading session this week in a bullish trend as the buyers shift their sentiments towards TRX. The cryptocurrency is up by over 7% in the last 24 hours. The losses were initiated at $0.03766 shortly after opening the trading session on Friday. TRON price embarked on a sharp descent to record lows of $0.03558. The downside wave swept through the market as the news about Binance; the largest cryptocurrency exchange hit the market.

Binance was issued with a warning conveyed through a letter by the Financial Services Agency in Japan for it to either halt operations in the country or risk criminal charges. Binance being the largest exchange platform experienced a decrease in the trading volume which was evident by the cryptocurrencies in the market recording sharp declines, Bitcoin included.

The buyers have, however, changed their sentiments towards TRX/USD immediately Binance announce that its operations in Japan are still ongoing and that it is not at war with the regulator. TRON price has since picked up the pace to exchange hands at highs of $0.03620. During the declines, the break below the 61.8% Fib retracement level with the last swing high at $0.03766 and a low of $0.03558 paved the way for more declines.

At the moment, the retracement is working as the area of resistance in the path of price recovery. There is a key bearish line that is forming at $0.03559, although the MACD is moving to the positive to signal a growing bullish momentum. TRON TRX price immediate support is at $0.03558. TRX/USD must hold above this level to prevent further declines.

ICON (ICX) Price Technical Analysis

There is a general bullish trend in the price of ICON ICX. The crypto is recovering from lows recorded during trading on Friday. The trend reversal is a signal for more buyers to enter the market that has been controlled by the bears most of the day. ICX/USD dropped to lows of $3.024 from a high of $4.1378 in a matter of hours.

During the downside movement in price, ICX/USD found short-term support at the 61.8% Fibonacci retracement level with the last swing high at $8.79 and a low of $1.94. ICON ICX broke below the retracement level to find support at $1.94. The MACD momentum indicator has been in the affirmative north direction and could have signalled the buyers to reverse the momentum. The price bounced off the support level, and has since sustained the upside gains; however, they are currently capped below $4.00.

The 100 simple moving average has begun to bend to the upside indicating that the path of least resistance is to the north. During the recovery, ICX/USD will encounter stiff resistance at $5.50 level which is close to the 61.8% Fibonacci retracement level. On the downside, the bulls must continue to sustain the ascending channel to prevent further losses towards the immediate support level at $1.94. If the selling pressure takes over the market, and the price breaks below above level, ICX/USD could be stopped at $1.50 major support level.


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