Ionomy Double Bottom FormationRecently Ionomy found the support at $0.72, which has been rejected twice, forming a potential double bottom. During the past few days price has been rising slowly, however it has resulted in a break above the 50 Moving Average.
Considering the double bottom formation, MA breakout as well as the RSI downtrend trendline breakout, the trend could be on its way up. It looks like first signs of the trend reversal slowly appear, although it is still far to early to say that with confidence.
If current support hold and price will break above the psychological resistance at $1, the correctional move up is likely to take place. ION/USD should move up, towards the 61.8% Fibonacci retracement level, that is $2.4 area.
On the downside, there might be yet another small wave down, but only weekly break and close below the $0.72 support could invalidate bullish outlook, and the downtrend continuation might take place.
Ionomy
ION looking great after announcing partnership.Ionomy studios announced this past Friday that they have partnered with Rekell Games and will be involved in a redesign of the popular game Rumble Arena!!
Jumping from coin rank 171 to 156 in the period of a week, USD value has increased more than 40 cents with a $7,188,296 increase in market cap since my last overview of the coin!
Community wise, support for the coin is growing and technical analysis seems to be confirming an uptrend. Following support on the 1-day chart and recently bouncing from the .618 price action has wicked through resistance at the .382 twice in the last few days. Breaking a number of resistance lines on the 4-hour chart price action has also broken through resistance on the the RSI. If support for Ionomy's innovations continues, ION looks like it could reach it's all-time high of $8.18 again by the end of the year...and then who knows from there!
Ionomy VS Bitcoin x15 Growth PotentialIonomy has been ranging between 9k and 57k satoshis for almost a year. But on the 22nd of February ION/BTC closed above the resistance, suggesting the uptrend could be emerging.
Throughout the consolidation period, price broke above the descending channels for two times and Fibonacci applied to the corrective wave after the breakout shows that the potential upside target is 420k satoshis, that is almost x15 from the current price.
The reason behind such an enormous growth potential could be the extremely low price ($3.23) in relation to the total coin supply that stands at 26,083,122 ION.
ION/BTC - revised chart - pre-weekend long positionI decided to revise my earlier chart as it was done in a hurry.
The coin: ION is a gaming based coin which seems to be gaining momentum recently thanks the new developments (incl. the Moon or Bust game). The dev team seems devoted and professional with solid backgrounds, therefore the coin will likely not be abandoned or delisted soon.
The View: The Chart is somewhat self-explanatory and does not use many of the popular TA indicators. All that is shown here is the Trend Lines, and Volume. Since the 21st of Jan there have been several pumps happening around midnight, mostly on the weekends. The first weekend ION tripled in value, then correct to a 40% gain. The second pump was less drastic so the coin only doubled in value and then corrected. This pattern is quite obvious when looking at the chart for both value and volume and will likely continue in similar vain for the coming weeks if the current momentum is kept
The Play: Long!
Entry point: should be as far into the week or day as possible, and not after midnight or Saturday
Target: always set your sell orders because it pumps and dumps fast, so you need to either sit by your screen, set alarms, or orders. Conservative target should be a 50% gain for the weekend pump and less for a midnight pump. If you feel risky and you are very happy with your entry point you could aim to double your position.
Ionomy Might Grow 10 TimesFollowing the previous idea on Ionomy , it has reached the upside target at $3 and broke above it, reaching the $5 high. Then price corrected sharply down to the previous resistance at $2, which now is acting as a support. At the same time, ION/USD is testing the uptrend trendline and the 200 Moving Average.
This is indeed a very strong support for Ionomy which could result in rejection and the continuation of the uptrend. If support will be rejected, the next wave up could reach the previous high at $5. Breaking above that resistance would accelerate Ionomy growth and send the price up to $12 resistance, confirmed by two Fibonacci retracement levels.
Ionomy VS Bitcoin Support RejectedIonomy started to show some strength against the Bitcoin after breaking above the 200 Moving Average and descending channel. Price went up from 9k satoshi up to 30k but then corrected down.
The correctional wave was stopped at 16k satoshi, where it rejected the upper trendline of the descending channel and 4/1 trendline of the Gann Fan. Although price could consolidate for a little longer the beginning of the larger correctional wave up is likely to take place.
The first upside target and key resistance is at 61.8% Fibonacci retracement level that is 43k satoshi. If ION/BTC manages to break above, this could mean the beginning of the uptrend. On the downside, only break below the 10k support could invalidate bullish outlook.
