ICON (ICX) has advanced from $0.42 above $0.90 since the beginning of January, and the current price stands around $0.78. ICON accelerates enterprise adoption and public blockchain innovation in Korea, and according to analysts, this crypto has a bright future.
Fundamental analysis: ICX circulating supply continues to decrease steadily
The ICON Network is the largest public blockchain project in South Korea with a mission to connect online communities with real-world businesses in banking, government, healthcare, and more. This network has its native coin under the symbol ICX that enables smart contract functionality within the ICON ecosystem.
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This coin also provides network consensus validation and protocol governance. This project was established in 2017, and since then, ICON has increased the number of its users from small software development companies to some of the largest organizations, including the Seoul Metropolitan Government, Danal, and Pohang University of Science and Technology.
“The ICON Project is helping to ensure the health and safety of Jeju Island’s 15 million annual tourists while protecting personal identity and privacy. In November 2020, Danal Fintech announced its plans to integrate ICON’s native ICX coin into Paycoin, its global payments, and remittance app,” said Min Kim, founder of ICON Project.
According to analysts, ICON (ICX) has a bright future because it accelerates enterprise adoption and public blockchain innovation in Korea. ICON (ICX) price has been moving in a bull market last several months, but since the beginning of January, the price has exploded more than 200%.
It is important to mention that there are lots of rumors that many bullish talks from the popular Reddit WallStreetBets forum influenced this price move.
ICX circulating supply continues to decrease steadily, and as of December 2020, over 61% of ICX circulating supply is staked in the network. This leads to even more scarcity of the ICX coin, which is also one reason why the price could advance even more.
The major trend of this cryptocurrency remains bullish, but if you decide to buy ICON (ICX) in the upcoming days, you should use a “stop-loss” order because the risk is very high.
Technical analysis: ICON (ICX) could advance even more in February
The critical support levels are $0.70 and $0.60; $0.80, $0.90, and $1 represent the resistance levels. If the price jumps again above $0.90, it would be a signal to trade cryptocurrency, and the next target could be around $1.
On the other side, if the price falls below the $0.60 support level, it would be a firm “sell” signal and probably a trend reversal sign.
Summary
The ICON Network is the largest public blockchain project in South Korea, and according to analysts, this crypto has a bright future because it accelerates enterprise adoption and public blockchain innovation. ICON (ICX) could advance even more in February, but if the price falls below $0.60, it would be a firm “sell” signal and possibly a trend reversal sign.
