ICON has a outlook over the short-term, with the ICX / USD pair attempting to move back towards its current 2019 trading high.
The four-hour time frame shows that a pattern has started to take shape, with bulls now trying to invalidate the .
Technical indicators on the four-hour time frame have turned and highlight the growing short-term upside pressure.
If the pattern is triggered, the ICX / USD pair could fall back towards the February 2019 trading low.
Relative Strength Index
The indicator has also turned on the four-hour time frame, although it is approaching overbought conditions.
The indicator on the four-hour time frame is and generating a buy signal.
ICX spiked after the announcement of P-Rep TestNet, which will be opening on April 30th. This is an important milestone for the project since it puts ICON one step away from the long-awaited staking. Staking should help the project to further decentralize its nodes and the governance of the network.
ICX / USD Medium-term price analysis
ICON has a medium-term trading outlook, with the cryptocurrency advancing above its trend-defining 200-day moving average.
The daily time frame shows that a pattern has formed. If buyers can invalidate the pattern, the ICX / USD pair may rally towards the November 7th trading high.
Technical indicators on the daily time frame are conflicted and failing to generate clear trading signals.
ICX / USD by Trading View
Traders should note that a much larger pattern could form on the daily time frame if the ICX / USD pair declines back towards the February trading low.
Relative Strength Index
The indicator on the daily time frame is and shows scope for further upside.
The indicator is conflicted on the daily time frame, with the histogram attempting to recover, while the signal line remains .
The medium-term outlook also looks positive. The platform plans various releases, with the on-chain election in Q4 2019. In addition to that, the project is planning several important initiatives that will expand its ecosystem, such as a dApp accelerator program, decentralized exchange, and decentralized identification.
ICON faces a crucial test over both the short and medium-term horizon, with buyers needing to invalidate the patterns across four-hour and daily time frames.
If bulls invalidate the pattern, a rally towards the November 7th swing-high seems likely, while a breakdown supports technical selling towards the February 2019 swing-low.