Bitcoin (BTC) and large-cap cryptocurrencies have proven important power over the previous few weeks however merchants are additionally beginning to concentrate to smaller cap cash. One in every of these cash is Icon (ICX), which has surged greater than 200% over the previous three weeks.
Equally, WanChain (WAN) and AION (AION) additionally gained 60% and 120%, due to this fact an evaluation of those cash is warranted.
Crypto market each day efficiency. Supply: Coin360
Icon breaks 2-year previous downtrend in opposition to USD
Bitcoin not too long ago broke out of a 7-month downtrend and as this occurred many different cash broke their 2-year previous downtrends. An instance is proven via the chart of Icon.
ICX USD 1-day chart. Supply: TradingView
The chart is exhibiting a transparent break of the 2-year previous downtrend, which resulted in an upwards surge in the direction of $0.39. This surge is a transfer of greater than 200% in a matter of weeks.
The chart can be exhibiting an obvious breakthrough of a crucial stage, which is the $0.18 stage (inexperienced horizontal line).
Some issues to keep in mind; important upwards rallies of this measurement trigger FOMO (worry of lacking out) amongst merchants. Nonetheless, such an upwards rally often retraces and corrects to search out new help areas.
Provided that the chart is exhibiting an RSI of 95, it’s prone to see some correction earlier than continuation.
ICX USDT 12-hour chart. Supply: TradingView
The 12-hour chart is exhibiting similarities with the 1-day chart. An obvious breakthrough of a downtrend, which triggered a robust upwards transfer. The RSI can be at very excessive ranges, indicating that the worth wants some consolidation earlier than continuation.
Present areas to observe for potential help are discovered at $0.285-0.30, $0.245, and $0.215.
The primary space ($0.285-0.30) is a major space as the worth of ICX bounced on this stage via the summer season of 2019.
If ICX can discover help on the $0.285-0.30 stage, continuation in the direction of the vary excessive at $0.45 is probably going. If it could possibly’t discover help at this stage, extension downwards to $0.245 is a potential end result.
ICX/BTC breaks out of 6-month sideways vary
ICX BTC 12-hour chart. Supply: TradingView
The ICX/BTC pair not too long ago broke out of a 6-month sideways vary and instantly rallied in the direction of the following resistance. This resistance is discovered at 0.00004000 – 0.00004200 satoshis the place the worth is at the moment hovering.
The RSI gives an identical view as its USD pair, which is screaming for a consolidation interval. Within the occasion of a pullback, the degrees of potential help are the inexperienced zones at 0.00003100 – 0.00003200 satoshis and 0.00002450 – 0.00002550 satoshis.
The primary stage is the first space to go for. In bullish momentum, retracements are comparatively brief as patrons are working over one another to get into the asset.
ICX BTC 1-day chart. Supply: TradingView
When the Fibonacci retracement software is added to the chart, the important areas of 0.35-0.382 and the 0.618-0.65 Fibonacci retracement ranges are on the identical ranges of potential help. Due to this fact, the first space to search for is the higher inexperienced zone as potential help.
Nonetheless, a breakthrough above the resistance may happen. If ICX breaks to the upside, the following resistance is discovered at 0.00005100 – 0.00005200 satoshis.
WanChain seems desperate to observe Icon
Often, when Icon begins to maneuver, the opposite interoperability cash observe go well with, as these cash are linked. WanChain is one such coin and it surged round 65% previously three weeks.
WAN USD 1-day chart. Supply: TradingView
WanChain broke via the resistance at $0.20 and rallied in the direction of the following stage at $0.27 at which it’s at the moment hovering. A breakthrough of this stage would end in a continuation of the following resistance. This resistance is discovered at $0.48 and would warrant one other transfer of 80%.
Nonetheless, if WanChain can’t break via this stage, a retest of the earlier resistance is prone to happen. Such a transfer would imply a retest of the inexperienced zone round $0.20.
Wanchain faces sturdy resistance in its BTC pair
WAN BTC 1-day chart. Supply: TradingView
The WAN/BTC pair is exhibiting similarities with the USD pair as its pinned in by a virtually similar resistance zone.
The help discovered on the inexperienced zone (0.00001950-0.00002000 satoshis) was confirmed via a double backside and after this, the worth broke additional upwards to the vary excessive round 0.00002800 satoshis.
WAN is at the moment unable to push via this stage. Nonetheless, a breakthrough would usually observe a continuation in the direction of the following resistance which is discovered at 0.00004500 – 0.00004700 satoshis.
AION/USD rallied 130% in three weeks
AION USD 1-day chart. Supply: TradingView
Aion is exhibiting similarities with the Icon chart. A robust upwards rally led the worth to hit important resistances and the surge came about on a pointy improve in quantity.
Arguably, will we see a break upwards right here or not? At this level, Aion is dealing with large resistance and it didn’t break via it like the opposite altcoins.
A wholesome correction in the direction of $0.09 or $0.10 would go well with the actions of Aion as this might enable new help to be discovered.
If this help is discovered, continuation in the direction of prime targets at $0.18 and $0.24 are prone to happen. Nonetheless, if there’s not help warranted at both of the 2 ranges, downwards actions are prone to happen. This may result in a retrace in the direction of $0.06.
Aion faces big resistance in its BTC pair
AION BTC 1-day chart. Supply: TradingView
The AION/ BTC chart reveals that Aion is at the moment hovering in opposition to large resistance and it’s unlikely to interrupt upwards from right here in a single go, particularly given the state of the RSI.
If the worth of Aion can’t break via this stage, potential help ranges are discovered at 0.00001050 – 0.00001070 satoshis and 0.00000980 – 0.00001000 satoshis.
Nonetheless, if the worth breaks via this resistance, the social gathering can proceed.
The views and opinions expressed listed below are solely these of the author and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer entails threat. It is best to conduct your individual analysis when making a choice.
