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ICON (ICX): Decentralized Blockchain Network & Crypto Token Wallet?

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About ICON (ICX)

Ever active in matters crypto, South Korea has again given rise to a blockchain project in ICON. A different and unique blockchain construct, ICON is aimed at generating or rather servicing an inevitably huge scale ecosystem.

In allowing various blockchain platforms to connect, ICON enters the cryptosphere as a huge enabler both for existing businesses and other entities, as well as for developers. Now individual projects built at universities or banks, hospitals and other private blockchain projects can share information via the ICON project.

Acting as a bridge between any public or private blockchain – think Bitcoin, Ethereum, Neo and also the WHO, national government institutions and massive concerns like academic hospitals – ICON has a very specific focus. In a nutshell, what makes the ICON altcoin unique is its “Loop Fault Tolerant” consensus algorithm.

An online ledger that eliminates intermediaries, the project lacks the individual limitations of almost all other digital currencies to transact across platforms in many meaningful ways. As opposed to isolating protocols, ICON seeks to become a friend to all, seamlessly providing comms between any blockchain platform so far developed.

ICON Coin Technical Pros And Cons

Decidedly a different cryptocurrency and utility coin all in one, a very different set of blockchain protocols are at play in the project build. Employing a proprietary LFT algorithm enables the coin to flit happily across platforms as users desire. Although dedicated coders have nitpicked at some aspects of the altcoins protocols, the fundamental aim has been successfully met by building with LFT.

The Loop Fault Tolerance algorithm employed by the project is essentially an improved Byzantine Fault Tolerance (BFT) algorithm that enables far faster transaction speeds. It also concludes transactions with almost random autonomy across nodes and eliminating the possibility of forks emerging from within the network.

Since blockchain consensus is the primary input into transaction speeds, by employing a better, faster protocol, ICON users enjoy much quicker transacting and it also opens the door to a host of potential app development.

By creating a group among trusted nodes, the LFT protocol marries various consensus protocols by empowering the nodes to determine vote numbers. A part of the build is the virtually complete independence of communities that the company sees as essential to build the potentially infinite cryptosphere.

Although the white paper exudes a globalist ethos, the reality is that the project is rather a system of highly autonomous communities, and each community can determine its own rules and protocols, including its own consensus algorithm.

An immediate benefit of the coin is apparent in these times of regulatory inspection, as it allows participants in different countries with often differing laws and other regulations to transact freely. The decentralized ICON Republic blockchain employs a token (ICX) that allows almost any development to be as private or constantly shared as users desire.

Third party dapps for broad or entirely targeted deployment are also enabled by the project, and the coin is also not needed within active communities. The token is employed only when communities interact with each other or ICON Republic, when they interact with a dapp, or when dapps interact with one another.

Where Did ICON Begin?

ICON began when Theloop began partnering with certain key financial institutions, pitching its services of authentication and settlement systems that eliminated intermediaries. The company also offered trading systems with real-time trade matching.

Loopchain was already established as a reputable supplier of automated settlement and other solutions to the insurance industry. A divergent yet wholly symbiotic project, Theloop released ICON almost two years ago, billed as a distributed ledger providing industry-specific blockchain solutions.

Ultimately owned by the Dayli Financial Group, a large South Korean fintech company that has interests in various industries, ICON has enjoyed corporate backing. interestingly, Dayli is also the owner of Coinone, one of the biggest South Korean crypto exchanges. That ICON thus has easy access to a large exchange, where Bitcoin, Ethereum and others are traded makes the addition of the token likely to contribute to the coin’s popularity.

Korean investors remain extremely enthusiastic and active in the cryptosphere, accounting for between 20 and 40 percent of the global volume each year. South Koreans have a national bent towards seeing cryptocurrencies as investment assets rather than as currencies or payment solutions.

ICON’s Future Bright

ICON also runs a ICX-focused decentralized exchange (DEX) that sees ICX paired and traded. In a move that is reminiscent of backed cryptocurrencies, the ICON DEX also maintains currency reserves for individual ICON blockchain communities so that they can exchange real-time value via the ICON Republic. This establishes a further gateway through which ICON’s communities can connect with the ICON Republic.

ICON’s DEX has a core focus on currency value and transfer. All blockchain projects connected to the ICON Republic can trade and transact freely across the platform. Employing AI, the exchange sets exchange rates that govern transactions. The ICON coin (ICX) is used as an intermediary currency on the exchange, utilized in trading pairs.

With South Korea boasting the world’ 11th largest economy and ranked in the top five Information and Communication Technologies (ICT) counties, the fundamental platform of ICON is finding fertile home ground and user numbers have been climbing as the project becomes known. Adding the word “local” to “cryptocurrency” makes for a popular coin in Asia overall, but China and South Korea have always led the locally enthusiastic crowd.

ICON ICX Conclusion

Hard-capped at 150,000 ETH, the token’s ICO was successful although not extravagant, raising over $40 million. The ICO issued 50 percent of the total token supply, with the remainder being allocated to the development team, various partners and the foundation itself. Viewed as a going concern, the project has a remarkably high number of dedicated developers, employing around 30 designers and engineers who continue to optimize the project.

Unashamedly ambitious, seeking to “hyperconnect” the world, ICON aims at becoming one of the biggest if not the absolutely biggest blockchain in the world. Positioned with partnerships that include Coinone and Ripple, the company has the benefit of the financial clout to make these dreams come true.

It is obligatory for any startup to be wildly enthusiastic about changing the world. The difference with ICON is that it has come through a process of corporate planning and budgeting, and is thus a highly respectable token that has a voice investors can hear and understand. Technical fundis have complained about ICON’s employment of the Bancor protocol in its smart contracts. The Bancor protocol has long been known to contain a flawed pricing equation.

Through a convoluted chain, fluctuations in the price of Ether can impact ICX users. By virtue of the flawed Bancor protocol deployment in the build, contracts can become suddenly more valuable than ICX itself, so theoretically all humans and bots will sell the coins back to the contract, eliminating coins en masse.

That said, the developers have defended their build as essentially to facilitate overarching imperatives. With loads of top-tier connections and solid corporate backing, ICON is a project that should fly into the future, trading particularly on a strong local support base.

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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area

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Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Setting Up For Another Bull Run

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Bitcoin Price Analysis BTC Chart

After a major decline, bitcoin price started a solid upward move above $7,750. BTC to USD gained momentum above $8,000 and even spiked above the $8,250 resistance area.

Key Takeaways: BTC/USD

  • Bitcoin price formed a strong support above $7,550 and recently climbed higher against the US Dollar.
  • BTC/USD broke the main $7900 resistance and a couple of bearish trend lines on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gained momentum and moved into a positive zone.

Bitcoin Price Analysis

After testing the $7,500 and $7,520 levels on multiple occasions, bitcoin price finally started a fresh increase. BTC started an upside reversal after it successful broke the $7,600 and $7,850 barriers.

Looking at the 2-hours chart, bitcoin even broke the main resistance near the $7,900 level to move into an uptrend. Finally, there was a break above the $8,000 level plus a close above the 50 simple moving average (2-hours, purple).

Bitcoin Price Analysis BTC Chart

During the rise, the price even broke the $8,150 resistance and a couple of bearish trend lines on the same chart. A new swing high was formed at $8,266 and the price is currently correcting lower.

It broke the $8,150 level and the 23.6% Fib retracement level of the recent wave from $7,903 to $8,266. However, the price is currently finding a strong buying interest near the $8,060 level.

The 50% Fib retracement level of the recent wave from $7,903 to $8,266 is also acting as a decent support. The main support is near the $8,000 level and a connecting bullish trend line on the same chart.

Therefore, bitcoin price is gaining pace and it remains in an uptrend as long as it is above $7,980 and the 50 simple moving average (2-hours, purple).

On the upside, an initial resistance is near the $8,100 level and a connecting bearish trend line. A successful close above $8,100 might start a strong rise in the coming sessions.

The next major hurdle for the bulls is near the $8,250 level, above which the price might start a rally towards the $8,500 level.

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Price Analysis

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

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Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) Price Analysis June 10th

BItcoin BTC/USD Forecast

Last Friday the price of Bitcoin came up for interaction with the first significant horizontal resistance at $8140. As the interaction ended as a rejection the price was propelled in a downward trajectory and came down to the levels of the prior low at $7576 which was a decrease of around 6.7%. From today's open which was around the mentioned prior low level, the price has increased by 5.43% with strong bullish momentum as the majority of the increase occurred in only one hour but we are now seeing the price struggling to keep up the upward movement slightly lower then on the prior high.

BTC-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price encountered resistance, indicated by the wick from the upper side of the last hourly candle and is now likely to keep interacting with the current level as it's retesting it for resistance further. If the price manages to keep up the upward movement we could see a breakout to the upside from the first significant resistance point and to the next on at around $8500.

This would be unlikely if the found resistance proves to be stronger then the currently seen bullish momentum as a rejection at the current levels would likely lead to a lower low below the one made on 5th at $7506. The price spiked to those levels on today's open but a proper interaction with a lower spike would likely occur if the increase was seen would be stopped out at the mentioned first significant resistance as it would mean that from last Thursday we have been seeing the development of the five-wave move to the downside out of the starting downtrend.

Litecoin LTC/USD Forecast

Last Friday the price of Litecoin increased by around 9.6% coming from $109.96 to $120.47 at its highest which has pushed the price above the first significant resistance level at the descending channels resistance. The price came down for a retest of support at the broken level over the weekend and as it found support it continued moving to the upside above the prior high level, coming to $126.8 at its highest point today.

LTC-USD-Market-June-10

Click to see a full size chart

The price came above the 0 Fibonacci level which was the ending point of the prior high and above the next highly significant horizontal level at $122.32 above which it is considered to be the sellers' territory. I was expecting the price to start moving to the downside after an interaction with the first significant resistance at the descending channels resistance but as the price continued increasing further past the other significant resistance point we have likely seen the development of another five-wave move to the upside. As the move looks finished or near completion and especially considering that the price has entered the seller's territory I will be shortly expecting the start of the impulsive move to the downside.

Even though we have seen a five-wave increase I don't believe that its the starting upside wave, but is more likely the second correctional structure after the first one currently labeled as a WXYXZ correction ended. The price did make a higher high but this can also be seen on a corrective move usually ending as a running flat. If we are soon the see the start of an impulsive move to the downside the first significant support zone for the price of Litecoin would be at around $83 area.

Ethereum ETH/USD Forecast

The price of Ethereum has increased from today’s open at $228.8 by 6.59%, coming to $243.4 at its highest point today but has encounterd strong resistance there and is currently being traded slightly below those levels.

ETH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price came down over the weekend below the prior low at around the vicinitly of the 4th wave’s ending point from the previous upside move where it found support as the price immediately started moving impulsively to the upside again.

The rise has been stopped out at the previous horizontal support which now serves as resistance but since a breakout occurred to form the descending triangle which was formed from 30th of May we are likely to see the increase continue for a bit longer before the price continues moving to the downside again.

If the descending triangle was the first structure out of the starting downward move, the increase seen from today could be viewed as a correctional upside move in which case it cannot exceed the 258 level which is around half range between the last Thursdays high and today’s open.

Bitcoin Cash BCH/USD Forecast

Over the weekend the price of Bitcoin Cash has decreased by 8.2% as it came down from $409.2 to $375.6 at its lowest point. From today’s open around the mentioned low level we have seen an increase of 5.36% to $395.7 but the price has encountered resistance as the rise has been stopped out.

BCH-USD-Market-June-10

Click to see a full size chart

On the hourly chart, you can see that the price decreased slightly above the last week’s low at $366.5 made on Wednesday which is why a lower low before the completion of the downward move would be expected if we are seeing the development of the five-wave move to the downside out of the starting downtrend.

If we are seeing the development of the 4th wave it cannot go above the $413 which the price interacted with over the weekend and found resistance there which makes this possibility higher. As the 4th wave is corrective in nature it could mean that today’s increase is still its development which we are to see from the currently encountered resistance interaction.

Conclusion

Over the weekend the prices have continued increasing to their first significant resistance point and have gotten rejected with the price going to the levels from which the increase was made. This movement could have been the end of the first wave from the starting downtrend but a more likely outcome would be that another lower low is coming before we see some major upside correctional movements.

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