Who doesn’t want to hear good news about their old and well-corrected bags? If you are holding ICON or maybe you have invested in ICON near all-time highs price, this post is about to make you feel much better or at least I hope so.
A few months ago I wrote an article comparing $NEO with $ICX and offering I quite optimistic forecast for what we might expect from Icon in 2018. I must admit that the ensuing continuation of the correction took me by surprise completely.
The ICX Correction
let’s address the elephant in the room, a 95% correction is no joke but as we all discovered this year is always a possibility, especially in crypto.
Very few projects where able to hold prices during this correction ($BNB is an example of that for obvious reasons). While seeing the chart above you can see a pattern that is repeated all over the board ($wan $ada $blz and others).
A combination of market conditions, hype right after listing, technical setbacks, lack of communication from the ICON team and perceived deadlines missed seem to be the cause of the steep decline.
Despite the FUD nothing really changed in a fundamental level, in fact, during this bear market the ICON team has improved communication significantly. Min Kim has taken the time to engage with the community, answer questions and restore confidence on investors. Additionally, the tech is finally coming around and we will start seeing DAPPS in the ICON network very soon. Notice how some projects have gone completely silent during this bear market? ICON has been updating constantly, announcing partnerships. That says a lot in my opinion.
Here a Few Interesting Points
- Staking Information about to be released (Min has hinted this will be good news for the average user)
- One of the few blockchain technologies being used by established companies in the real world
- Partnerships with huge companies with extended user bases in Korea ( LINE, Samsung, Kyobo Life, SK Planet, KAKAO and more…) real use cases on the way
- “Virtual Step” system will incentivize DAPP companies buy and hold $ICX thus generating scarcity by reducing circulating supply
- Token swap almost finished with no issues whatsoever (Can still swap until 25th of October)
- $5 Million Buyback (has not started yet, see $pundix pump to have an idea of effect)
- And much more, DYOR.
The Strategy: Reducing Average Cost of Your ICX Holdings
I wish I could tell you I sold the top and that this correction hasn’t affected me emotionally or mentally but the truth is that it has. I invested on $ICX at $1, $2, $3, $7 and $8 prices, I haven’t sold 1 ICX nor I plan to.
In the current situation is our choice either to beat our selves up for not recognizing the dip that was coming or we could see this dip for what it really is: An opportunity to reduce the average cost of your ICX holdings and increase your overall long-term position.
In fact, this is true of any high-quality project with strong fundamentals. To be honest I feel much more at ease holding something $ICX or $ARK rather than low-quality projects such as $XVG or $TRX (chances for a pump are probably higher but the risk is too much for my nerves).
Be aware this correction or a relatively flat price action may continue the following 6 months or even a year and again as I see it it is a great opportunity to continue reducing the average cost of your position. Just make sure to have cash in hand and buy gradually.
As an example:
350 ICX at $6 total cost: $2100
100 ICX at $9 Total cost: $900
Average cost: $3000
Average price per ICX: $6.66
$1000 at the current price of $0.70 is a total of 1428 ICX tokens.
It would lower the average cost of each token to $1.06
A much more rational point of entry in my opinion.
What The Future Holds for $ICX
One look at older projects like Ripple shows the volatile nature of crypto investments. I still think we will see a $25 ICX in 2019 and most probably the next bull run will go even further, the more violent the correction the more violent the pump. Especially if fundamentals hold.
I am not sure I will even try to trade this, I plan just to Hold steady for the next 2 years anyway. I may risk 10% of my position in order to trade the next correction and will Update If I do so via twitter.
By this point, you may be thinking I am a shameless shill for $ICX, and you may be right, I have skin on the game and I was always quite frank about it. All I will say is that invest in projects I believe in and all I am doing here is sharing my thinking process.
Be smart, don’t follow anybody advice, especially from random anonymous dudes over the internet (Like Me). It‘s you that will have to live with the consequences of every decision you make. Do your own research and own up to your decisions. Not financial advice Bla Bla Bla….
As always let me know if there is something to correct in the article, if the information presented is not factual in any way I will correct right away, also grammar corrections are welcome (not a native English speaker and always looking to improve).
Thanks for Taking the Time to Read and Good Luck in Your Journey!