The blockchain market was full of good news from China last week. That was mainly after the president made a positive sentiment on the adoption of blockchain technology in the country. That information made the Chinese-based digital coins increase in price.
South Korea has been forgotten after all this news on China adopting the blockchain technology. The country has an expansive blockchain community, and it seems to be embracing the technology fully. That is after several top leading stores in the country started accepting payments in the form of cryptocurrency.
ICON (ICX) is currently the most influential digital coin in South Korea, and enables blockchains to interact via smart contracts. Positive news could make the price of ICON increase in the country even if technically it does seem lucrative. The crypto enthusiast @cryptoshadowoff said that the coin is one to look out for in case of any positive news.
$ICX is one of the coins to watch if we get a korean narrative emerge alongside this Chinese one
Which will most likely happen
— CryptoShadow (@CryptoShadowOff) October 27, 2019
He did not, however, provide any charts to support his arguments; he only suggested that things could turn out good.
By observing keenly at the weekly ICX chart, you will notice that the coin is currently operating at the lowest price ever. Another issue is that the coin’s price has gone down below the support area. The price for the support area lies typically between $0.18 – 0.19. A plunge below this area is very contrary to development and more so if it happens for a long time. Currently, the price of ICX is $0.16, which leads to cause for concern.
Considering MACD and RSI does not alleviate the unpromising outlook. RSI has not created any considerable divergence, and it is also yet to attain the oversold values. MACD, on the other hand, seems to be going up slightly, and it is almost getting to the positive territory. However, no change in the movement has been observed for the last two months, which worsens the situation.