ICX is one of those coins that were predicted a good year of 2018 and so far we have seen a mixed bag of results from its price. The coin lingered in the bear trend alongside the rest of the market, falling all the way down to $1.65 USD. A spike during a mid-March bull run saw this value more than double, with ICX scratching the $4 USD levels at the height of the run. A drop-off was initiated since, seeing the price fall below $2 in early April. April and early May were good months for the coin as the price broke the $4 USD barrier and went all the way up to $4.78. We have seen some sideways movement since, just to have the coin slowly bleed down with the rest of the market to $2.25 USD at the tail end of May. The recent period of stability from Bitcoin allowed ICX to recover a little and rise to $2.80 USD.
Some traders aren’t confident it can keep going and are seeing bearish divergences at the 4h chart. A suggested stop-loss is currently at 3535 satoshis. Still the divergence is just temporary and if anything it allows you to buy back in later at a lower price.
Source: twitter@ILikeCharting
But why should you buy ICX at all, you may be wondering right now. Well, there are plenty of reasons to do so. ICON has been a longstanding partner of AION and Wanchain in their quest to create an interoperability alliance that will enable cross-platform cooperation between these projects. ICX will be the glue connecting the previous two coins, an ecosystem of interoperability that can potentially be used by other projects in the future as well. This means adoption, adoption means demand and demand means a rise in price.
More notably, ICON is currently being supported by a massive amount of partners. Probably the biggest partnership to date was their announcement that Samsung is about to join the blockchain revolution with the help of the ICON team. A Memorandum of Understanding was signed between these two companies, ensuring that Samsung will in fact use ICON technology for their blockchain ventures. Alongside this, ICON boasts many more impressive partnerships which include Hyundai, Pantera Capital, Coinone, Line (Japanese social network) etc.
Most of these projects are interested in ICONs Chain ID technology, which is an identification service based on blockchain technology. The service can be used by various ventures and companies, from universities to government agencies, hospitals, financial organizations and many more. Sogang University, Pohang University of Science and Technology and Korea University have already signed up for the service. Similarly, Korea Financial Investment Blockchain Consortium has taken notice of the technology and is looking to implement it, enabling its customers to use a single ID across 25 banks and securities that sit under KFIBC custody.
Just recently, a partnership with Trive, Singapore based VC has been announced. The partnership will leverage ICON’s expertise with Trive’s regional reach in Southeast Asia to develop ICON-based blockchain courses for educational purposes. Foundation Council Member of Icon, JH Kim said;
“The partnership with TRIVE will allow ICON to not only educate the public on blockchain technology, but also expand ICON’s ecosystem and community. Singapore and Vietnam are at the center of blockchain innovation in Southeast Asia, and we are excited to work with TRIVE to further realize the full potential of blockchain in this region.”
It’s partnerships with the government of South Korea might turn out to be its biggest asset, with several government organizations looking to use ICON technology in the future. Such close relationship might imply a favorable treatment from the otherwise crypto strict government agencies of this Asian country.
ICON is still a relatively unknown project in the West. It is currently enjoying the status of a regional giant and once its technology is perfected we should expect more and more investors to take notice. With solid fundamentals and an impressive network of partners to boot, ICON (ICX) has all the elements required to finish this Q2 and the year of 2018 in a strong manner.
