ICX Technical Analysis: Double Top Promotes Selling Within Channel

ICX price action forms a double top pattern within the falling channel pattern teasing a potential 15% downfall as the overall market corrects. Key technical points: The ICX market value reduced by 5.86% in the last 24 hours. The double top pattern has a neckline at $0.33. The 24-hour trading volume of Icon is $15 Million, indicating a rise of 55.7%. Past Performance of ICX The bearish trend continues to push down the ICX market value within a falling channel pattern that started in April. The bearish pattern accounts for a downfall of 70% along with the fallout of psychological barriers. Currently, the price action forms a double bottom pattern with a neckline at $0.33 which might shortly be breached as the selling pressure grows. Source-Tradingview ICX Technical Analysis ICX price struggles to sustain above the $0.33 neckline despite the lower price rejection seen in yesterday’s candle. Therefore, the price action displays a formidable selling pressure fuelling the bearish trend momentum which makes the fallout inevitable. Falling under all the crucial SMAs – 50, 100, and 200-day, the bearish trend is relatively strong. Moreover, the bearish spread increases between the 50 and 100-day SMA after the recent crossover. The Stochastic RSI indicator shows an end of the bull cycle as the K and D lines give a bearish crossover in the overbought territory. Hence, the indicator promotes the bearish theory and adds points to the break...