$ICNT seems to be in a typical chip recovery state. Let's briefly analyze the technical aspects of this project that claims to be the Web3 - AWS!

First, the current chip distribution doesn't look very clear. The two core accumulation positions visible on the chart are at 0.32 and 0.27. Yesterday, the price just retested the lower demand zone and then turned upwards for a test.

Then, the chip peak has supply, so it is testing the technical support again...

Since I have previously conducted a lot of research on “decentralized storage,” especially AR (Arweave), this is still worth a look!

However, unlike AR, @ICN_Protocol is positioned more like a decentralized cloud service platform rather than a purely storage platform. From this perspective, the narrative is larger, and the lifecycle will also be more enduring.

As for the trading aspect, since we have already missed a clear buying point and the price is currently suppressed by the secondary chip peak, we can wait for the price to test the lower green demand zone again before making a decision.

Currently, this forms a fluctuation range of 0.22~0.32. For a project that has just gone through TGE, this is quite healthy. After all, this project has also been listed on Alpha, and early supply needs to be absorbed slowly over a long time.

However, from the perspective of new projects launching and the subsequent washout, I prefer the Fibonacci 0.786~0.86 retracement range. After all, most new projects we have seen this year have a similar structure.

That is, after going live, the price first continues to retrace until the early Easy chips are gradually cleared before the price starts to return to a normal state.

Currently, the price range at this position is between 0.17~0.186. If the price does not retrace and remains oscillating above 0.22, then it is in a relatively strong state. However, if there is an opportunity for a final shakeout, meaning quickly dropping below 0.186 and then recovering, we can confirm that the short-term floating chip supply has been thoroughly cleaned.

This protocol has real profits and enterprise-level business, with last year's ARR around $7 million, so it is worth keeping an eye on!

For more information, you can check the official Twitter @ICN_Protocol and @ICN_China. In short, just DYOR!