ICX Dips 227.27% in 24 Hours Amid Broader Market Downturn

On SEP 1 2025, ICX dropped by 227.27% within 24 hours to reach $0.1233, ICX dropped by 385.51% within 7 days, dropped by 227.27% within 1 month, and dropped by 3102.88% within 1 year.

The decline in ICX marks the continuation of a protracted bearish trend that has persisted throughout the year. The asset’s price has steadily lost ground across multiple timeframes, indicating a deepening bearish sentiment among investors. Over the past month alone, the 227.27% drop highlights a sharp acceleration in selling pressure, despite the absence of direct macroeconomic triggers such as regulatory changes or major technological upgrades in the project’s roadmap.

Technical analysis points to deteriorating momentum, with key support levels failing to hold, leading to a cascading sell-off. The 14-day RSI has fallen below 20, signaling oversold conditions, although historically, this has not translated into immediate rebounds in the current bear market context. The MACD line has crossed below the signal line, reinforcing the bearish bias.

Analysts project that unless there is a sudden and significant intervention from key market players or a substantial upgrade in the project’s fundamentals, the downward trajectory may continue. The broader crypto market has also seen widespread declines, with many major assets experiencing similar volatility levels.

Backtest Hypothesis

The backtesting strategy evaluates the effectiveness of a mean-reversion approach based on RSI and MACD signals. It triggers a buy signal when RSI falls below 20 and MACD crosses above the signal line, and a sell signal when RSI rises above 80 or MACD crosses below the signal line. Given ICX’s recent performance, the strategy would have generated entry signals at multiple points throughout the year, although the continued bearish momentum would likely have led to premature exits or losses.

The hypothesis suggests that in a highly volatile market like the one observed for ICX, a strict mean-reversion strategy may struggle to generate positive returns unless paired with a strong directional bias or external catalysts. The strategy’s efficacy, therefore, is contingent on the broader market turning bullish or ICX-specific fundamentals improving significantly.