ICON Cryptocurrency Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
ICON cryptocurrency downgraded from Hold/Accumulate to Sell Candidate after Sunday trading session.
(Updated on May 26, 2024)
The ICON cryptocurrency price fell by -1.93% on the last day (Sunday, 26th May 2024) from $0.228 to $0.224. During the last trading day the cryptocurrency fluctuated 3.04% from a day low at $0.223 to a day high of $0.230. The price has risen in 6 of the last 10 days and is up by 0.9% over the past 2 weeks. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -458 thousand shares and in total, 3 million shares were bought and sold for approximately $608.60 thousand.
The cryptocurrency lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to fall -31.16% during the next 3 months and, with a 90% probability hold a price between $0.134 and $0.200 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ICXUSD Signals & Forecast
There are mixed signals in the cryptocurrency today. The ICON cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.225 and $0.228. A break-up above any of these levels will issue buy signals. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this cryptocurrency may have low liquidity in periods, which increases the general risk. A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 4.87%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for ICON cryptocurrency
ICON finds support from accumulated volume at $0.224 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the cryptocurrency moved $0.0068 between high and low, or 3.04%. For the last week the cryptocurrency has had daily average volatility of 3.43%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ICXUSD) For The Upcoming Trading Day Of Monday 27th
For the upcoming trading day on Monday, 27th we expect ICON to open at $0.226, and during the day (based on 14 day Average True Range), to move between $0.211 and $0.236, which gives a possible trading interval of +/-$0.0125 (+/-5.60%) up or down from last closing price. If ICON takes out the full calculated possible swing range there will be an estimated 11.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.224 (0.09%) than the resistance at $0.227 (1.34%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is ICON cryptocurrency A Buy?
ICON holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this cryptocurrency. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.238 Sell Candidate Downgraded
Predicted Opening Price for ICON of Monday, May 27, 2024
| Fair opening price May 27, 2024 | Current price |
|---|---|
| $0.226 ( 0.86%) | $0.224 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ICXUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.233 | 3.90 % | |
| R2 | 0.230 | 2.74 % | ||
| R1 | 0.228 | 2.02 % | ||
| Current price: | 0.224 | |||
| Support | S1 | 0.223 | -0.297 % | |
| S2 | 0.222 | -1.01 % | ||
| S3 | 0.219 | -2.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.263 | 17.28 % | |
| R2 | 0.262 | 17.20 % | ||
| R1 | 0.227 | 1.34 % | ||
| Current price | 0.224 | |||
| Support | S1 | 0.224 | -0.0893% | |
| S2 | 0.214 | -4.42% | ||
| S3 | 0.214 | -4.64% |
FAQ
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