$ICNT /USDT – Potential Correction After Sharp Vertical Move
Market Context
ICNT has just printed a large vertical wick on the 15m timeframe, showing aggressive volatility and possible liquidity grab near the 0.3999 local high.
Price is now trading around 0.3747, down from the spike but still holding a strong +31% 24h move — a classic sign of overextension and possible short-term cooling.
Bias: Short-Term Bearish / Expecting Retracement
The sudden expansion candle suggests:
Liquidity sweep above previous highs
Immediate selloff after the wick
Price returning toward fair value and support levels
Unless the market reclaims 0.3850, downside pressure is likely to continue.
*📌 Entry Range (Short Setup)
0.3770 – 0.3850**
This area aligns with:
Re-test of the wick zone
Local inefficiency region
Likely seller interest after the overextended pump
🎯 Targets
TP1 → 0.3600
First logical level where buyers may step in.
TP2 → 0.3420
Next support on lower timeframe structure.
TP3 → 0.3280
Deeper correction if momentum flips fully bearish.⛔ Stop Loss
SL → 0.3920
A break above this likely means continuation rather than correction.
Short Outlook
Unless ICNT reclaims the wick top and stabilizes above 0.3920, a bearish retracement is the more probable scenario.
The vertical wick typically indicates the move exhausted itself, with smart money distributing into late buyers.
