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ICX is recovering despite poor market performance


 

The cryptocurrency market is again underperforming, with the prices of most coins falling by more than 5%.


The broader cryptocurrency has returned to its bearish trend, with the prices of most cryptocurrencies currently in the red. Bitcoin's price has fallen more than 6% and the leading cryptocurrency risks falling to the $ 45,000 level if market momentum is maintained.


Ether has also lost 6% of its value in the past 24 hours and is struggling to defend the main support level above $ 3,700. The other leading cryptocurrencies, including Binance Coin, Solana, Cardano, LUNA, XRP, and Polkadot, are all trading in the red.


However, ICX, the native token of the ICON blockchain, is one of the top performers out there. The coin is trading in the green while the broader market is currently underperforming. The rally is caused by the coin’s upcoming snapshot event, which is slated to take place on December 29th.


The snapshot event will take place tomorrow and will be used for a 1: 1 AIRDROP for $ ICY and $ ICZ tokens to all qualifying $ ICX and $ sICX holders. As a result of the snapshot, ICX has developed excellently in the past few hours.


At the time of writing, ICX is trading over $ 1.6 per coin. Its value has increased by more than 5% in the last 24 hours.


An overview of important levels


The ICX / USD 4-hour chart is currently neutral, although the coin has performed well in the past few hours. The MACD line is in the neutral zone while the RSI of 40 shows that the ICX is coming out of the oversold territory.


With the broader market underperforming, the value of ICX could decline in the coming hours and the coin would have to defend the first major support level above $ 1.49. Unless there is a prolonged downtrend, ICX should stay comfortably above the USD 1.13 support level.


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