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ICON (ICX) Reclaims $0.33 Horizontal Area

ICON (ICX) is showing bullish signs in the weekly time frame. But, it is trading inside a corrective pattern in the daily time frame.

The post ICON (ICX) Reclaims $0.33 Horizontal Area appeared first on BeInCrypto.

ICON (ICX) is showing bullish signs in the weekly time frame. But, it is trading inside a corrective pattern in the daily time frame.

ICX has been decreasing since reaching an all-time high price of $3.20 in March 2021. Afterward, it created a slightly lower high in Nov before resuming its downward movement. 

Since then, the decrease has been contained inside a descending parallel channel. Such channels usually contain corrective structures, meaning that a breakout from them would be expected. 

The price validated the support line of the channel in June and has been increasing since, reclaiming the midline in Aug. 

Interestingly, the weekly RSI also broke out from its descending resistance line, supporting the possibility that a bullish reversal has begun.

The resistance line of the channel is at $0.45. If the price is successful in breaking out, the next resistance would be at $0.65, a horizontal level that had previously acted as support.

*Note: The logarithmic chart is used in the image below in order to better visualize large price fluctuations.

ICON (ICX) Reclaims alt=
ICX/USDT Chart By TradingView

Short-term ICX movement

Technical Analyst @Cryptodude999 tweeted a chart of ICX, stating that the price is trading inside a short-term range with resistance at $0.33.

ICX range
Source: Twitter

Since the tweet, the price has reclaimed the $0.33 area, breaking out from it at the beginning of Aug. However, has been rejected by the resistance line of an ascending parallel channel (red icon).

As outlined previously, such channels contain corrective movements. ICX was rejected by the resistance line of this channel on Aug 15 (red icon) and created a long upper wick. 

Despite this rejection, the daily RSI is above 50, and the price is trading in the upper portion of the channel and above the $0.33 horizontal support area. 

A breakout from the channel and the $0.415 resistance area would confirm that the trend is bullish. Conversely, a decrease below $0.33 would lead to lower prices instead.

ICX Parallel channel
ICX/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

The post ICON (ICX) Reclaims $0.33 Horizontal Area appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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Altcoins

Sushi community votes Jared Grey as new ‘Head Chef’

Sushiswap has a new CEO after the community voted for Jared Grey as ‘Head…

The post Sushi community votes Jared Grey as new ‘Head Chef’ appeared first on CoinJournal.

  • Sushiswap has a new CEO after the community voted for Jared Grey as ‘Head Chef’.

Decentralised crypto exchange Sushiswap has announced a new Chief Executive Officer (CEO), whose election was ratified via a community vote.

Sushi confirmed on Monday that Jared Grey was now the new “Head Chef,” the DEX platform’s title for the CEO. 

Sushi’s ‘Head Chef’

The election of a new chief executive comes after several months of uncertainty as the protocol looked to navigate a rough patch in its governance.

I’m honored and excited to accept the Head Chef role at SushiSwap,” Grey tweeted. “The trust the community and team have placed in me to help shape the next stage of the Sushi protocol gives me pause and reflection on what Sushi stands for, a community project for everyone,” he said.

Grey is a former CEO of digital assets platform Bitfineon and decentralised finance (DeFi) protocol EONS Finance. 

He becomes Sushi’s new chief executive after garnering more than 83%, or over 11 million votes, according to a snapshot of the single choice voting that started on 26 September 2022 and ended Monday, 3 October 2022.

He explained what he brings to the role of ‘head chef’:

This is an opportunity to leverage my two decades of engineering and consulting experience to help the team succeed in delivering innovative DeFi solutions, and returning Sushi to its rightful status among its peers.

Sushi launched in September 2020, announced by anonymous developer Chef Nomi and aimed at rivaling leading DEX protocol Uniswap.

The post Sushi community votes Jared Grey as new ‘Head Chef’ appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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