ICON price prediction: Will ICX go up?
With the ICX coin generating interest, let’s look at a few ICON price predictions
The ICON Network and its associated ICX coin are making waves, especially in their native South Korea.
After some ups and downs in price recently, what is going to happen in the future? What is the Icon price prediction? Let’s take a look.
What is ICX?
The ICX coin is the native token of the ICON Network, a system that allows people to set up their own blockchains and cryptocurrencies in tandem with the network.
The ICON Network, created by South Korean company ICONLOOP, also features a decentralised exchange (DEX) and has already announced partnerships with some big companies and governmental departments, with the blockchain serving, for instance, as the basis for a Covid-19 tracing system in Jeju Island, South Korea.
From the Icon whitepaper
According to the project’s whitepaper, the vision of ICON is: “To introduce the new era of decentralisation by redefining the meaning of communities and creating a new world by connecting such communities. Communities today are commonly defined by… social and political functions and limited to the economic boundaries set forth by world nations.”
The whitepaper goes on to say: “Through ICON, communities can go beyond and be free from traditional economic systems and promote frictionless value exchanges with other communities, eventually resulting in maximum total utility of society. ICON is not limited to the real world, but it directly connects and communicates with the crypto world, creating the most robust network that can scale without limits.”
Before we look into the ICON crypto price prediction, let’s take a look at the ICX price history. We do need to point out that past performance is no indicator of future results, but knowing what the coin has done in the past can give some context to the ICX price prediction.
ICX price history
The ICON cryptocurrency came onto the open market in October 2017, a month or so after it had raised $42.75m in an initial coin offering.
On 29 October that year, it was worth $0.4559, but its price soon moved up as the coin got caught up in the cryptocurrency boom of late 2017 and early 2018. In early November, it broke through the dollar barrier and kept rising. The zenith of this early period in the coin’s history came on 9 January 2018, when ICX hit what still remains an all-time high of $12.64.
The token then went on a decline and in August 2018 it fell to below $1, where it stayed until February 2021. By that time, the cryptocurrency market was going through a seriously bullish period and ICX was caught up in the action. The crucial date for the crypto was 10 February 2021, when an intraday high of $1.38 saw it break through the dollar mark for the first time in more than two years. This was a month which saw the coin almost double in value.
The growth continued into March 2021, when it more than doubled again. This sort of activity had many people changing their ICON coin price prediction. However, April saw them revise their predictions once more, after it closed down more than 16% from the end of March.
May 2021 started off well enough, with the coin operating in the top end of the $2 space, but it soon fell, and was already operating below $2 on 19 May when the great crypto day crash saw it drop from an intraday high of $1.96 to a low of $0.8699, losing more than half its value.
While the coin recovered slightly, it was still lower than it had been before the crash. June and July saw ICX very much in the doldrums, with a bearish market triggering a sustained run below the dollar, but both Icon and the cryptocurrency market as a whole saw a revival in August 2021, with ICX closing the month up at $1.33.
September 2021 was a positive month, with a rise of 15%, and October was even better, as the coin’s price broke back through the $2 barrier and closed the month up by more than 50%.
In November it retreated somewhat, down by nearly a quarter across the month, and poor trading conditions meant that, as of the afternoon of 14 December 2021, it was trading at around $1.15. At that point, it had a market capitalisation of around $775m, making it the 101st largest crypto by that metric.
The coin opened at $1.22 on 1 January 2022 and suffered a general downtrend into the end of February, closing the month at $0.70. However, on 10 March 2022, ICX surged from the previous day’s close, hitting a 52-week high after the announcement of Yoon Suk-yeol as the winner of South Korea’s presidential election.
Yoon promised to deregulate the crypto industry and introduce crypto-friendly measures to win over young voters, and the coin was trading at around $0.82.
By 2 April 2022, the token was trading at a multi-week high of $1.11. Following the ICX listing on crypto exchange OKCoin, from 12 April the “deposits, withdrawals, and trading are live for the crypto-asset” and they are “available on Quick Buy as of April 19”. However, the coin continued on a steep descent after the brief high, hitting lows of $0.23 on 18 June.
As of 25 August and at the time of writing, the token is trading at around $0.30.
According to a panel of 26 technical indicators published by DigitalCoinPrice, 13 indicators suggest selling (mostly the SMAs and EMAs), 10 suggest a neutral or holding position, (MACD, RSI etc) and three suggest buying (Hull Moving Average, Williams Percent Range, and Stochastic Fast).
With that all done and dusted, let’s take a look at what some people are saying their ICX price prediction is. We do need to point out at this stage that predictions, especially longer-term ones, are often wrong. In addition, many longer-term crypto price forecasts are made using algorithms, which can change at any moment.
ICON price forecast
CryptoNewsZ says that the coin should increase in value. The website states: “As per our ICON price prediction for 2022, the expected highest price of ICX/USD will be around $1.11.”
WalletInvestor gives a less optimistic ICX price prediction for 2022, suggesting the token will decrease in value to $0.02 in 12 months’ time, and stating that it is a “bad long-term investment”.
Meanwhile, Changelly has an ICX price prediction that says it will be worth an average of $0.38 by December 2022, $0.58 in 2023 and $0.84 a year from then. Changelly’s Icon price prediction for 2025 is $1.23, and the site has an Icon price prediction for 2030 of $7.71.
Finally, Gov Capital says the price of ICON’s cryptocurrency will continue on a downtrend, with no data provided beyond December 2022.
While ICON Network has made its name operating in conjunction with a variety of businesses and public bodies, there are more than a few blockchain networks that offer similar opportunities. While it seems that, at present, ICON is one of the larger ones, there is still time for other systems to come along and overtake it.
Second, although there is a DEX using ICON, DEXs are often not designed with the crypto novice in mind, so uptake will almost certainly be limited to people with expertise in crypto and, quite probably, with an interest in one of the blockchains coming out of the network.
That is not to say that neither the system, the coin nor the DEX can blossom and thrive. We are simply pointing out potential problems that might face both ICON and ICX in the future, regardless of the Icon price prediction.
Is ICON a good investment?
It might be. It is worth noting that since the start of 2020, the coin has more than doubled in price, although that does not tell the whole story. It is down more than 97% from its all-time high and has been hit hard by recent events.
You will have to do your own research, remember prices can go down as well as up, and never invest more than you can afford to lose.
Will ICON go up?
It might. If the coin and the market recover from recent losses, there is every possibility an investment in ICX could be profitable. On the other hand, there are some pretty negative forecasts out there to go with the upbeat ones. You will need to do your own research on this.
Should I invest in ICON?
This is a question that you have to answer for yourself. Do your own research, remember that cryptocurrencies are highly volatile and that prices can go down as well as up, and never invest more money than you can afford to lose.