The Iconomi/Ethereum (ICN/ETH) pair opened at 0.0085 on August 23, 2017. On the same day, it went as low as 0.00125 before bulls swooped in and brought the price up to a 0.00929 close. Bulls could only do so much, however, as the market continued its plunge. It generated a lower high of 0.007956 on October 4, which sealed the market’s bearish trend.
On October 13, the market broke below support of 0.0045. Since then, it created a series of lower highs and lower lows until it bottomed out at 0.002 on December 14. Having lost over 76% of its value, the market rallied after finding the bottom. It went as high as 0.0048 before succumbing to selling pressure from bottom pickers. While the market significantly pulled back, it appears that the range has been established.
Technical analysis reveal that Iconomi/Ethereum had just reclaimed support of 0.0021 behind a strong push with massive volume. The market’s average volume is around 200,000 units of Iconomi, but during the two-day push on March 2 and March 3, it printed an average of 1.5 million Iconomi units. This suggests that bulls are determined to keep 0.0021 support.
The strategy is to buy at current price level of around 0.0021. If bulls defend this level, the pair will climb to the top end of the range and our target of 0.0045. The process may take a month.
Daily Chart of Iconomi/Ethereum on Binance
As of this writing, the Iconomi/Ethereum pair is trading at 0.0021 on Binance.
Summary of Strategy
Buy: Current price of 0.0021.
Target: 0.0045
Stop: 0.0019
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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