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

ICON ICX / USD has advanced from $ 0.65 near $ 0.90 since July 21, and the current price is hovering around $ 0.83.

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

ICON Network is South Korea’s largest public blockchain project 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 in one layer, allowing businesses and communities to share their services in a transparent manner.

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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, providing a cleaner encoding process. ICON has a developer friendly infrastructure that makes it very easy to get started as a developer, while the ICON developer community generally helps those who have questions or problems when developing the project.

“ICON has over 1,300 ultra-fast transactions within 2-second block confirmation times and is constantly evolving. ICON has recently received high praise from KAIST University for its advancement in the industry-wide consensus algorithm, LFT2, which doubles speed without compromising security, “said the team. of ICON informed.

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

ICX also provides network consensus validation and protocol governance, its circulating supply continues to decline steadily, and most of ICX’s circulating supply is staked on the network.

According to estimates, the demand for ICX will continue to grow and it will exist with a strong user base, especially individuals using applications built on the ICON network. This is one of the reasons why the price could rise again to levels we saw in May 2021; Still, this probably won’t happen in August 2021.

The cryptocurrency market advances this Monday, Bitcoin has advanced above the resistance of $ 39,000, and this situation also supports the price of ICON (ICX). Market sentiment analysis service Omenics reported that market sentiment began to rise, while the seven-day average moving cryptocurrency market sentiment score for the top ten cryptocurrencies advanced to 4.88, up from 4.7 a year ago. week.

Technical Analysis: $ 1 Represents Strong Resistance Level

Data source: tradingview.com

If the price jumps above the $ 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 hand, if the price falls below $ 0.65, it would be a firm “sell” signal, and we have our way to the strong support level around $ 0.50.

Summary

The cryptocurrency market advances this Monday, Bitcoin has advanced above the resistance of $ 39,000, and this situation also supports the price of ICON (ICX). If the price rises above $ 1, the next price target could be around $ 1.25, but if the price falls below $ 0.65, it would be a strong “sell” signal.

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