ICON’s ICX Erases Gains, Remains In Top 20 Cryptocurrencies

Today we’re going to take a look at ICON, an altcoin which has been gaining a lot of attention recently.

Also known as the Korean Ethereum, ICON saw a strong bullish momentum last week with a 70% increase in its token ICX. However, it’s been seeing a bit of a pullback since Friday, with almost half of last week’s gains being erased by Tuesday’s early trading session.

But in general, ICX, which is only a few months old, has seen positive feedback among its peers. It is a massive platform which allows various blockchains to interact with one another through smart contracts. The ICON project aims to connect the world, building one of the biggest decentralized networks in the world. The company is in the process of working with public and private institutions and setting out to connect entire economies with their platform.

The ICON (ICX) token has been listed on Korea’s Bithumb Exchange and will soon be on the Upbit Exchange as well.

At the time of filming, ICON is ranking 19 by market cap and has grown its market capitalization to over $1 billion in merely a week.

Its price versus the USD, however, has been struggling to break above the 5.37 resistance level. The ICX/USD pair remains below the daily Ichimoku cloud, testing the $3 support level, while it appears to have bottomed out at $1.55. ICX reached the all-time high level of $13.20 back in January.