Throughout the course of 2019, altcoins wish-washed, but 2020 has been a great year for such coins so far, and one of the leading altcoin gainers has been ICON (ICX). As a matter of fact, the token has enjoyed a parabolic rally, and it seems likely that it is now on the radar of many crypto traders.
That being said, it should be noted that it is still a small crypto token, and traders need to take a closer look at the parabolic rally before they decided what to do.
Key Drivers
After the sort of rally it had, ICON is now close to its key resistance point, and it remains to be seen if there is a slowdown of sorts. Over the course of the past few days, the token rallied by as much as 326%, and there is hardly any doubt that the market must have taken notice.
However, while the rally in this particular token is remarkable, it needs to be pointed out that this could also be an indication that a rally might be on the horizon for other altcoins in the crypto market.
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For those who are trying to cash in on this rally, it would be necessary to keep an eye on the token over the course of the coming hours. As mentioned earlier, it is approaching a key resistance point, and from then on, there could be a slowdown. However, if there is a slowdown, then it could prove to be an opportunity to accumulate this token. The rally in question commenced towards the end of January and continued until the first few days of February. In the early days of February, the ICON token surged from $0.30 to $0.45, and it remains to be seen how it will fare from now on.
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Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.
