Is ICON (ICX) a buy or sell in March?

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Feb 27, 2021
  • ICON (ICX) has extended its correction from the recent highs registered in the third week of February
  • If the price falls below $1.2, it would be a firm "sell" signal and possibly a trend reversal sign
  • ICON has launched a dedicated audit fund to cover smart contract audits

ICON (ICX) has advanced from $0.68 above $2.40 since the beginning of February, and the current price of this cryptocurrency stands around $1.50.

Fundamental analysis: ICON has launched a dedicated audit fund to cover smart contract audits

Despite the recent correction, February has been a very positive month for the cryptocurrency market so far, and for now, there is no risk of the bear market. ICON (ICX) was one of the best performers on the cryptocurrency market in the last several weeks, and as long the price is above $1.2, it remains in a buy zone.

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This project was established in 2017 with a mission to connect online communities with real-world businesses in banking, government, healthcare, and more. The ICON Network is the largest public blockchain project in South Korea, and according to analysts, it has a bright future because it accelerates enterprise adoption and public blockchain innovation in Korea.

ICON has launched a dedicated audit fund to cover smart contract audits for approved projects, according to the latest news.

“We are excited to announce that we will be committing 500,000 ICX to cover smart contract audits for approved projects within the ICON Ecosystem. There have been countless smart contract vulnerabilities exploited in other blockchain ecosystems, and this fund represents a commitment by the ICON Foundation to foster an atmosphere of both security and innovation,” the ICON team reported.

ICX token enables smart contract functionality within the ICON ecosystem and also provides protocol governance. It is also important to say that ICX circulating supply decreases steadily, leading to even more scarcity of the ICX coin.

This is also one reason why the price could advance again above $2 resistance, but if you decide to trade ICON (ICX) in March, you should use a “stop-loss” order because the risk remains high.

Technical analysis: Bulls still control the price

ICON (ICX) has advanced from $0.44 above $2.4 since the beginning of January, and the current price stands around $1.50. Still, if you decide to trade this cryptocurrency, you should consider that the price could also weaken below the current price level.

Data source: tradingview.com

This crypto has extended its correction from the recent highs registered in the third week of February, but if the price jumps again above $1.8, it would be a signal to buy ICON (ICX). The next price target could be around $2 or even above; still, if the price falls below $1.2 support, it would be a firm “sell” signal and possibly a trend reversal sign.

Summary

ICON (ICX) could advance from the current price level in March, but if the price falls below $1.2, it would be a firm “sell” signal and possibly a trend reversal sign. ICON has launched a dedicated audit fund to cover smart contract audits for approved projects, according to the latest news.

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