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Here is why ICX is rallying despite poor market performance

December 28, 2021 By Hassan Maishera

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

The broader cryptocurrency has returned to its bearish trend, with the prices of most cryptocurrencies currently in the red zone. Bitcoin’s price is down by more than 6%, and the leading cryptocurrency risks dropping towards the $45k level if the market momentum is maintained.

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

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

https://twitter.com/icenetwork_io/status/1475442137839800321

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

At press time, ICX is trading above $1.6 per coin, adding more than 5% to its value in the past 24 hours.

Key levels to watch

The ICX/USD 4-hour chart is currently neutral despite the coin performing well over the past few hours. The MACD line is around the neutral zone, while the RSI of 40 shows that ICX is just getting out of the oversold region.

With the broader market underperforming, ICX’s value could dip lower in the coming hours, and the coin would need to defend the first major support level above $1.49. Unless there is an extended bearish trend, ICX should comfortably stay above the $1.13 support level.