ICON (ICX) is gaining traction at an impressive rate thanks to a string of landmark partnerships. The blockchain project could soon become the biggest network as it continues to elicit strong investor interest. Its native cryptocurrency, ICX, is also making impressive strides in the market if recent price action is anything to go by.
ICON (ICX) Price Analysis
ICX is one of the altcoins that felt the full brunt of a ferocious sell-off that engulfed the cryptocurrency space. After rallying to record highs of $12.50 USD early in the year, the crypto markets came tumbling down and lost more than 60% in market value. However, with sentiments in the broader industry showing signs of improvement, things are starting to look up for ICX.
The altcoin has bottomed out from this year’s lows and continues to show signs of powering high. After a recent spike, the coin appears to have found strong resistance at $0.7 USD. A breach of the $0.75 mark is now needed to reaffirm the emerging uptrend. Failure could leave ICX vulnerable to further declines.
On the downside, ICX faces immediate support at the $0.65 USD mark on any sell-offs. A breach of the critical support level could see the cryptocurrency dropping to the next support level at $0.60 USD. Strategic partnerships that the ICON has signed in the recent past continue to support further movement to the upside.
Samsung Strategic Partnership
For instance, the partnership with Samsung has been seen as a landmark deal. The Korean hardware giant is planning to integrate ICX technology into “Samsung Pass.” Under the terms of the agreement, ICON will provide initial authentication services to customers.
The fact that Samsung caters to millions of customers worldwide presents a unique opportunity for ICON to make its services available to a broader audience. Samsung, using its authentication services in other products, should also allow ICON to gain more traction.
A partnership of such magnitude is obviously of great importance, given the hardware giant’s market entrenchment and reach. Additionally, Samsung joining forces should raise the popularity and credibility of ICX. The result should be increased investor interest in the project which could see the altcoin skyrocketing on the wave of positive publicity.
In addition to the Samsung deal, ICON has partnered with Portal Network. The two are to work together on the development of ICONick, a new domain service built onto the ICON blockchain. ICONick will allow people ease of access on all smart contract supported chains.
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