This article was first published on Huobi Group - Medium
The ICON Project aims to build a decentralized network that allows independent blockchains with different governances to transact with one another without intermediaries. Anyone can create a new blockchain project and join the network. A new blockchain project is free to connect with existing projects and create new unique worlds, or blockchain multiverse. ICON itself can be viewed as both a living organism and an ecosystem.
📅Events: 🎃Oct 31st: ICON 2.0 Testnet Gangnam set to launch at the end of Oct 2020" on coinmarketcal.com 🎃
Despite being in a downtrend since September, ICX could be preparing for a quick move upward this week that could turn into a longer-term reversal. Sluggish selling last week suggests that larger players may be absorbing sellers before a bullish move.
Additionally, lower timeframes may be forming an inverse head and shoulders — a high-probability reversal pattern. This pattern is still unconfirmed until the price breaks out from the potential neckline near $0.39.
If support holds between the 62–79% retracement of the last move upward holds, it seems likely that this inverse head and shoulders could finish forming, especially with the Gangnam Testnet expected to release this week. Shortstops above the daily high, the 50% extension, and the descending parallel channel’s upper boundary around $0.41 provide a probable target.
If the current support near $0.36 breaks, bulls could also look for an entry just under the relatively equal lows between $0.33 and $0.35. This region provides an attractive target for a stop run and longer-term reversal.
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Huobi Group - Medium