News that Could Impact 2021 Price Predictions for ICX
Looking at the ICX price predictions I’ve provided you with so far, you would think that there is literally no news whatsoever surrounding the project. However, that’s not the case at all!
ICON has partnered with a social media application called LINE. LINE is currently the largest social media platform in Japan. Its messaging app has over 200 million users every month. This is potentially a great user base for ICON’s decentralized applications when they are developed.
Also Read: Gold Price Prediction 2021
In addition, there is news that ICON has formed a partnership with Samsung. Reports indicate that the technology giant will be using ICON’s Chain ID system for a project they’re developing called Samsung Pass.
This is obviously a positive development for the team but it’s unclear if it will translate into a demand for ICX coins themselves. Of course, if it doesn’t create extra demand, the price of each ICON coin won’t be affected by the partnership at all. However, it’s still good for the overall reputation of the ICON.
Have Any Experts Made ICX Price Predictions?
Unfortunately, there aren’t really any experts making price predictions for altcoins these days. Since declaring himself as running for presidential office and launching his own cryptocurrency, John McAfee seems to have calmed down making price calls for now.
In the absence of the internet security guru, there seems to be an expert-shaped hole. There are plenty of websites like MarketInvestor and CoinLiker that we could look at for a 2021 ICX price prediction. However, the takeaway message would just be me repeating that facts, partnerships, and developments speak louder than numbers pulled out of thin air.
There are also plenty of YouTube videos on the subject. However, these suffer the same issues as price prediction websites. Most of the creators will hold the coins they are pumping themselves and be hoping to create excitement around a project. Such videos should not be used as investment advice.
It’s much better to become as informed as you can yourself. Look at projects that have been successful. Try to identify what made them make the gains that made people rich. More importantly, try to identify what made them keep those gains instead of becoming just pump and dump projects like over 90% of the crypto industry is.
Look at team members, roadmaps (more on ICX’s roadmap later), goals, and whitepapers. Decide for yourself if you think the world needs such a project. This is a much better way to make an investment rather than rely on some unnamed author writing a piece with lots of large percentage gains quoted but little to back them up.
Using Technical Analysis to Make Price Predictions
Some websites offering ICX price predictions will say that they have used technical analysis to make their calls. However, the problem with this is that technical analysis is a discipline that involves careful and constant analysis of charts.
What was a bullish chart (optimistic) can very quickly become a bearish one (pessimistic) and vice versa? Technical analysis can be used very effectively to day trade (short-term trading, buying low and selling high). However, in a market that runs around the clock, seven days a week, the following charts will involve a huge commitment.
For longer-term investment purposes, the best indicator is fundamental analysis. Fundamental analysis involves looking at the problem a project claims to be able to solve. You must then question whether the market demands such a fix and how well-placed the company or team is to deliver on their promises.
ICX Price Prediction 2021 and Beyond
If making price predictions for a year’s time was problematic, making them even further into the future is even trickier. Again, I’ve looked at a couple of the most successful websites offering cryptocurrency price predictions. Unfortunately, in the absence of legitimate experts making ICX price predictions, these websites will have to do!
A Future Price Prediction That’s More than Just Numbers?
First, let’s look at the ICX price prediction of CoinCheckUp. This website uses a few different reasonings behind the numbers it gives for 2021 to 2024. These include speculating on the price if the ICON’s growth mirrors that of Google’s, Facebook’s, the internet itself, or follows the theory of Moore’s Law.
The problem with these ICX price predictions is that there is absolutely nothing to suggest that ICON will grow in accordance with Moore’s Law. Likewise, there is no reason to believe that adoption will follow that of the internet or Google.