The AION price increased by 65% in the month of February. However, the final five days marked a sharp decline that began on Feb 26 with a high of 2,055 satoshis. AION began the new month with a breakout on March 2.
Aion (AION) Price Highlights
- AION has completed a double-bottom.
- There is support and resistance at 1,100 and 2,800 satoshis.
- The weekly RSI is bullish.
- The price is trading inside an ascending channel.
- AION has broken out from a short-term descending wedge.
$AION update: 1st target hit https://t.co/rnD5oENWrh pic.twitter.com/QZ6YXXj1P1
— 👑 Shelby 👑 (@CryptoNewton) March 2, 2020
AION Makes a Double-Bottom
In July 2019, the AION price declined below the 1,100 satoshi area. Once there, it made a double-bottom at 650 satoshis in September 2019 and January 2020, prior to the breakout of Feb 4, 2020. The breakout seems legitimate. Besides the bullish reversal pattern, the weekly RSI generated bullish divergence for the entire duration of the pattern and moved above 50 after the breakout, a sign indicating that the price is in a bullish trend. The price has created two long upper-wicks on the weekly candlesticks, showing that is some weakness developing in the current rally. The next resistance area is found at 2,800 satoshis.
Ascending Channel
Since Jan 15, the AION price has been trading inside an ascending channel, currently being very close to its resistance line. In fact, the price reached it today only to create a long upper wick. A bullish cross between the 50 and 200-day moving averages (MA) has transpired on Feb 5. The former is currently very close to the support line of the channel. If the price were to decrease all the way to this line, it would validate both the support and the MA.

Future Movement
In the short-term, the price has just broken out from a descending wedge. Even though it was swift, the breakout did not have an extreme volume. Combining this with the longer-term analysis, one can presume that while the price could increase all the way to the top of the wedge at 2,050 satoshis, a decline is expected afterward.

Disclaimer
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