DigiByte (DGB), NULS, and Icon (ICX) prices are recoiling from Q1 2021 highs, mostly from correction of overvaluation posted in early Apr. Even so, bulls are in control, provided prices don’t strongly sink below primary support lines.
In today’s Icon technical analysis, we check whether the immediate term price performance of the ICX/USD is in sync with earlier Icon price forecasts. From the daily chart, it is clear that the ICX price is under pressure, although the trend is defined.
Overly, traders are positive, expecting a recovery from spot rate as their Icon price prediction places the coin above Q1 2021 highs of $3.1
Week-to-date, the coin is down 15 percent and stable on the last day. At the same time, volumes are steady, with the past 24 hours averaging $231 million.
ICX/USD Technical Analysis
As gleaned from price charts, the middle BB is a flexible support line. It has been retested by ICX bears, confirming losses traced back to late Mar 2021.
However, for the ICX/USD technical analysis to be bullish, buyers must step in and absorb the last two weeks’ selling pressure. In that case, the reaction at $2.3 and the middle BB may shape the trend in the medium term. At spot levels, the ICX is retesting Feb 2021 highs. If prices find support, ICX bulls may drive prices back to $3.3 in trend continuation.
On the flips side, losses below $2.3 and the middle BB could catalyze an ICX dump. In that case, the coin’s price may fall to $1.7—the 38.2 percent Fibonacci of Q1 2021 trade range, and later $1.2—Mar 2021 lows.
After weeks of steady highs, Nuls prices are now corrections. However, that doesn’t mean the rally is over. From previous long-term Nuls price prediction articles, it is clear that bulls are optimistic about extended price gains.
Presently, Nuls bears are in control, wiping out gains of early this week. Already, according to trackers, the NULS coin is down a massive 15 percent on the last day alone.
The good news is that the coin has the upper hand from a top-down approach, adding nine percent.
Still, this isn’t enough to stop the dump as Nuls technical candlestick arrangements suggest weakness in the immediate term, a move that may spark further sell-offs down the line.
NULS/USD Price Prediction
In the daily chart, the NULS/USD is fragile.
After Apr 7 steep losses correcting the over-valuation of Apr 6, the sell-off might continue, pushing prices towards the middle BB.
This will largely depend on sellers’ will and whether the NULS price is at equilibrium after the over-valuation of Apr 6. A whole bear bar closed above the upper BB—one of the most important crypto trading technical indicators.
As we advance and with NULS bears in control, losses below the middle BB and $1 could force the NULS/USD price towards $0.84 and later $0.44 if bear pressure is sustained.
Therefore, for Q1 2021 to hold and bulls maintain control, NULS/USD should ideally find support at the 20-day moving average and $1.
On the contrary, failure may see the NULS price plunge, more than halving from spot rates to $0.44 as aforementioned.
In a reflection of the general crypto bloodbath, the DigiByte price is in tatters, reacting strongly from Mar 2021 highs, dumping to spot levels.
After Apr 7 losses, the DGB price is down double-digits, losing 12 percent week-to-date. Fueling the sell-off are panic sellers who pushed the coin’s trading volumes to $65 million on the previous day.
Nevertheless, from previous long-term DigiByte price forecasts, traders are bullish, expecting bulls to rip above Feb 2021 ceiling set at $0.09.
Overly, candlestick arrangements support the DGB/USD bullish case. However, this depends mainly on whether prices will be maintained within the wider trade range of $0.05 and $0.09. These levels mark the DGB price bull flag.
DGB/USD Price Forecast
In the daily chart, the sell-off on Apr 7 will likely continue in the immediate term below the 20-day moving average—or $0.07.
Accordingly, aggressive traders may take the opportunity to unload on every pullback below $0.09. Since volumes are within average, their targets would be $0.05—Mar 2021 lows. This sell-off aptly corrects the over-valuation of early Apr.
Further losses below $0.05 may see the DGB price crash to $0.03—the 78.6 percent Fibonacci retracement level of the Q1 2021 trade range. It coincides with Jan 2021 highs.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
Is Rarible (RARI) a Good Investment?
Evolution of the Top 10 Cryptocurrencies From 2016 to 2021
If This Happens, Tezos (Xtz) Will Stay Above $3.0
Can Litecoin (LTC) Stay Above $100?
Is SuperRare (RARE) a Good Investment?
Is Hathor (HTR) a Good Investment?
Clover Finance (CLV) Price Prediction 2022 – 2025
Is Pangolin (PNG) a Good Investment?
Ethereum Crosses $4K as Realized Price Soar to All-Time Highs of $1,923, Will ETH Fly?
COSMOS (ATOM) up 20% in a week: Will ATOM go to $45?
Learn1 year ago
Is Polkadot (DOT) A Good Investment?
Price Analysis10 months ago
Sushiswap price adds 14% week-to-date, SUSHI rallies 40X in 7 Months
News1 year ago
How Will Bitcoin React if Either Trump or Biden Wins?
Learn1 year ago
Yearn Finance Explained: A Simplified Guide to YFI
Price Analysis1 year ago
Bitcoin Price Prediction: China FUD, Path back to $13k or $20k?
Learn1 year ago
Is Chainlink (LINK) A Good Investment?