Industry news:
Blockchain interoperability network ICON has announced a token giveaway in the run-up to its eagerly anticipated community elections. 3 million ICX tokens (about ~$600,000 USD) will be disbursed to members of the ICON community throughout the pre-voting period, which commences on August 26.
Daily view:
Based on the daily time-frame, I found that there is a down breakout of the 5-day balance and rejection of the upper Bollinger band at the price of $12.400. Daily Stochastic is in overbought zone and there is a fresh down cross, which is good confirmation for further downside.
Important levels to watch based on daily view:
Resistance levels:
$11.200
$12.100
Support levels:
$10.620
$9.411
4H time-frame view:
Based on the 4H time-frame, I found new momentum on the MACD and Stochastic oscillator, which is sign of the underlying bearish pressure. I also found failed test of the resistance at the price of $12.350, which is good confirmation of the weak buying.
Trading recommendation:
According to current condition, my advice is to watch for selling opportunities with the downward targets at the price of $10.620 and $9.40,
