And you need to buy it soon before it breaks out (reasons below)… But first.
If you haven’t herd about it yet, ICON (ICX) is a public blockchain, released in 2017. The ICO was over subscribed and one of the most sought after coins of that time. Back then, the fundamentals was something we were all looking at as we dug into countless white papers, thinking of a truly decentralized future with more freedom. The freedom to transact, the freedom to express, the freedom to invest and do business on OUR terms with out big governments, banks and big tech telling us what we cant do with our own money and what we can and cant say.
As the crypto universe expands, there is a huge problem that many people are still not paying attention to. The blockchains cannot communicate with each other. Imagine, building new hi ways and roads all over the world but none (or few) of them can actually connect, communicate and transact with each other. This is the reality we face to this day in the crypto space. This will have an effect on how much we can scale this market all the way down to effecting the ease of use for small business all the way to big businesses and corporations when it comes to scaling their businesses onchain.
With the demand for crypto and blockchain growing more and more, we will need viable solutions to connect these blockchains, like we would need junctions to connect hi ways together so we can actually use them.
This is where ICON comes in.
The blockchain and smart contract platform that is focussed on interoperability. ICON (ICX) aims to be the bridge between blockchains, allowing them to connect to the ICON network and communicate with other blockchains.
Let’s get down to brass tax here. Make no mistake about it, ICON is a very important coin, and retail investors are clueless to this, but institutions are not…
Other networks can connect to the ICON network and interoperate with other chains. There is other competition out there such as polkadot and Cosmos.
With that being said, a lot of retail investors are overlooking ICX and for all the wrong reasons. One of the biggest reasons is because they were holders before the 2018 crash. We talked about this in our last post here. As most of the coin holders from that time who held most or all of the way down, they feel slighted from all the projects they were in and have moved on. They fail to see that it was ultimately the entire market that went down. Bitcoin and ALL alts…
Other investors who are new to the market may of seen ICON but not really know what it is. ICON finds itself in between 2 spaces.
ICON is one of those projects that has been working through the bear market, building up its chain and launching projects on it, working on ICON 2.0 (coming in Q2 2021) but also gaining partnerships and pretty big ones at that. It is important to take a look at these and not ignore them.
ICON’s partnerships tend to be more on the enterprise level rather than the start up level and THIS is another huge reason why the retail investors and traders have overlooked this project. Also, ICON has been pretty hush hush about these partnerships as they have not been concentrating on marketing. When we look into the partnerships ICON has compared to its competitors, ICON’s partnerships are on a way higher level.
sourced from: https://www.publish0x.com/wordstock/full-list-of-icon-icx-partnerships-2020-xewmyl we can see ICX has many big name partners:
List of ICON (ICX) Partnerships
- Samsung/Line (Source/Source)
- ChainLink (Source)
- Icon.community (Source)
- Hashed (Source)
- Crypto Bazar (Source)
- CertiK (Source)
- Portal Network (Source)
- LayerX (Source)
- MME (Source)
- Kyber Network (Source)
- Chain Partners (Source)
- MixMarvel (Source)
- NHN Payco (Source)
- Oak Infra (Source)
- Trive (Source)
- Infinity Stones (Source)
- W Green Pay (Source)
- Carboneum (Source)
- Deloitte (Source)
- B Cryptos (Source)
- Woori Bank (Source)
- Bodhi (Source)
Consortiums, Accelerators and VC Backings
- Blockchain Interoperability Alliance (BIA) (Source)
- Pantera (Source)
- Kenetic Capital (Source)
- Coinsilium (Source)
- Mind Fund (Source)
- Tribe (Source)
But theres more, a partnership that is not listed here, and it’s BIG. Posted in Nov 2020 just before the new year a press release was out, stating that one of the largest payment solution companies in South Korea has partnered with ICON.
This partnership will open up ICX to be used by over 750,000 existing users at 60,000 merchants across South Korea. Stores like 7-Eleven, KFC and other food chains as well as many many other store fronts and online services. You should also note that Danal is tied to China’s UnionPay which you may recognize in the west as it is an accepted method of payment in many western countries. Danal’s website: https://www.danal.co.kr/Index.do
This is huge news for ICON. This is basically opening the door for adoption in South Korea and other parts of Asia and the fact that the retail crypto market has not herd of this yet does not surprise me as it has not been widely marketed news by the team, but it is definitely something that western retail investors and traders need to pay attention too. Big things seem to be brewing for ICX in the Asian markets.
See source here: https://financialpost.com/pmn/press-releases-pmn/globe-newswire-releases/korean-payment-giants-danal-fintech-joins-icon-blockchain-ecosystem-danal-fintech-is-the-first-major-payment-service-in-korea-to-accept-cryptocurrency-with-icons-token-accepted-at-60000-merchan
Now that we have established the STRONG fundamentals backing this coin. We need to look at the TA. And the TA is telling us a very curious and interesting story:
Looking at the chart, we can see a VERY large, clear bottoming pattern. Within that there is a smaller bottoming pattern. The green arrow is pointing to a key resistance band that has been broken. Also, we can see that the price action has been ping ponging within a large rising wedge (which is a bearish sign) BUT the price action is acting bullish, as if it wants to breakout to the upside of the macro formation… If you know technical analysis, you would know that breaking upward from a bearish formation is VERY bullish and will trigger explosive buy orders if and when it does break to the upside.
As of now, we have multiple attempts to break to the upside with failures and retests, it keeps going back up to attempt to break it. But theres more to this and it can be found in ETH.
ETH has been trending breaking upward from bearish rising wedge patterns and has moved into a parabola. It also was battling for a while at the equilibrium line (blue line) and has cleared it.
Looking closer at the ICX chart with the same time frame and range we can see a similar trend here. ICX is following ETH, it will likely do the same thing and break up from its bearish pattern just like ETH did. They have similar resistances as well and ICX is likely to clear it, when it does the move may be violent and sudden as bots trigger and FOMO buyers start taking a look.
As per classical TA if the rising wedge breaks bullish the measured move would put ICX at resistance up at $5.40
All in all as far as the TA goes there is:
- A Large 3 year long bottoming pattern
- A smaller bottoming pattern within the larger one
- A bearish rising wedge with bullish price action (matching that of ETH’s price action which it has already broke bullish from) which is VERY bullish when broken to the upside
- Confluence of the break. If it breaks bullish, the measured move puts the price right at a resistance point up above at the $5.40 mark
- A break of a macro resistance band and now sitting stable above it, as if its sitting on a launch pad waiting as it fuels up
- Sitting right under secondary resistance testing it for the second time (the white line right at the 1 dollar mark) which I would not consider to be major resistance, more psychological
We should finally take a look at the indicators (in the vertical bar):
The daily has room to go up, there is also a cross on the RSI that trends to hit the white line atop of it. We have room to possibly do a break out here. After the last tests that ended up as wicks, this one is solid candle bodies, showing signs of strength and determination.
For me this looks bullish, very bullish in my opinion. Added momentum from a large macro rising wedge like this breaking bullish could add enough fuel to propel this thing to its last ATH depending on how much people catch on to fundamentals they have missed along with coming ICON 2.0, interoperability and other DeFi project launches coming down the pipe.
One last note from the rumour mill. There are speculations that Binance may be starting an ICON node. It is not entirely sure if this is the case or not, or if so what intentions may be. It could be that they plan on offering staking on Binance. Nothing has been confirmed yet but it is also something to keep an eye on and something that if confirmed could also cause a price spike.
As always Block Advisor strives to be in early and get you in early on quality projects with strong fundamentals and good TA. Wether they be new possible low cap gems or established projects before they make a move.
This is one of those coins you need to add to your bull market HODL stack as ALTs are moving and mid to high caps are starting to make their moves one by one. Dont skip over this one.
Tags: adoption, Danal, ICON, ICX
This post was written by BlockAdvisor