Buy spot - ION - Gate.io buy spot - ION
Entry: 0.187
Target 1: 0.35
Target 2: 0.54
Target 3: 0.66
buy at Gate.io
IONUSD
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 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.
