4Rev Coin Analysis: ICON
Michael Creadon
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The debate between fundamental and technical analysis is real. As a bond trader for two decades, fundamentals always trumped technicals in my mind. In cryptos, there is a dearth of fundamental info, so technicals mean more – at least to me. And then you see the price action in ICON today. ICON soared today after Korean exchange Bithumb announced an “airdrop” – an incentive-based coin giveaway based. ICON rallied almost 50% on the news. So do fundamentals or technicals prevail for ICON? Both in my mind, but the Bithumb news trumps everything. New info has come into the market and the market has voted affirmatively. Naturally, the technicals are improved, too, as near-term resistance levels have been completely run over. If ICON can break above $5 bucks, it has the chance to make a legitimate run to its ATH of $11. A failure below $2.50 would be a sign of capitulation and a sign to “get out”. BTC is below $9k but this market is poised to break out in spectacular fashion. Longs and shorts have had ample time to decide what to do in the $8k-$12k range, and once we eclipse that area, you will likely see a move that either brings you immense joy or profound grief.
This is not investment advice. Do your own research.
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