Trade Recommendation: Iconomi/Ethereum
The Iconomi/Ethereum (ICN/ETH) pair opened at 0.0085 on August 23, 2017. On the same day, it went as low as 0.00125 before bulls swooped in and brought the price up to a 0.00929 close. Bulls could only do so much, however, as the market continued its plunge. It generated a lower high of 0.007956 on October 4, which sealed the market’s bearish trend.
Technical analysis reveal that Iconomi/Ethereum had just reclaimed support of 0.0021 behind a strong push with massive volume. The market’s average volume is around 200,000 units of Iconomi, but during the two-day push on March 2 and March 3, it printed an average of 1.5 million Iconomi units. This suggests that bulls are determined to keep 0.0021 support.
The strategy is to buy at current price level of around 0.0021. If bulls defend this level, the pair will climb to the top end of the range and our target of 0.0045. The process may take a month.
As of this writing, the Iconomi/Ethereum pair is trading at 0.0021 on Binance.
Summary of Strategy
Buy: Current price of 0.0021.