Is ICON (ICX) a good buy in August 2021?

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 Jul 26, 2021
  • ICON has a developer-friendly infrastructure making it very easy to get started as a developer
  • Demand for ICX will continue to grow and exist with a strong user base
  • If the price jumps above $1 resistance, the next price target could be around $1.25 or even $1.5

ICON ICX/USD has advanced from $0.65 close to $0.90 since 21st July, and the current price stands around $0.83.

Fundamental analysis: Demand for ICX will continue to grow and exist with a strong user base

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. ICON achieves interoperability by aggregating all blockchain data into one layer, enabling businesses and communities to share their services transparently.

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One of the benefits of this network is that smart contracts can be updated without moving to a new contract address which provides a cleaner coding process. ICON has a developer-friendly infrastructure making it very easy to get started as a developer, while the ICON developer community usually helps those who run into questions or issues when developing on the project.

“ICON boasts blazing-fast 1300+ transactions within 2 second block confirmation times and is constantly evolving. ICON has recently received high praise from KAIST University for its industry-wide consensus algorithm breakthrough, LFT2, which doubles speed without compromising safety,” the team of ICON reported.

There are already many projects on the ICON network, and it is important to say that ICON has experienced tremendous growth in its user activity this year. The ICON Network has its native coin under the symbol ICX that enables smart contract functionality within the ICON ecosystem.

ICX also provides network consensus validation and protocol governance, its circulating supply continues to decrease steadily, and the majority of ICX circulating supply is staked in the network.

According to estimates, demand for ICX will continue to grow and exist with a strong user base, especially from individual people who use applications built on the ICON network. This is one of the reasons why the price could advance again at levels that we saw in May 2021; still, this will probably not happen in August 2021.

The cryptocurrency market is advancing this Monday, Bitcoin has advanced above $39000 resistance, and this situation also supports the price of ICON (ICX). The market sentiment analysis service Omenics reported that the market sentiment started to rise while the average seven-day moving crypto market sentiment score for ten major cryptocurrencies advanced to 4.88, compared to 4.7 a week ago.

Technical analysis: $1 represents a strong resistance level

Data source: tradingview.com

If the price jumps above $1 resistance, it would be a signal to trade ICON (ICX), and the next price target could be around $1.25 or even $1.5.

On the other side, if the price falls below $0.65, it would be a firm “sell” signal, and we have the open way to the strong support level that stands around $0.50.

Summary

The cryptocurrency market is advancing this Monday, Bitcoin has advanced above $39000 resistance, and this situation also supports the price of ICON (ICX). If the price jumps above $1, the next price target could be around $1.25, but if the price falls below $0.65, it would be a firm “sell” signal.

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