AION Technical Analysis - This Is Why Cryptos Need Market Autonomy!!!

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NOTE: For an update (play-forward) of this analysis, click on the Tradingview chart image above, then the triangular play button when you get to Tradingview. Enjoy and comment what you think!

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Whats up fellow trader's and Crypto Heads!
Our CIO Mike has been a bit under the weather lately and we had a follower request to take a look at AION so, I'll be stepping in for him today! Anywho, this will be a quick one, but it's a beautiful example of one of the reasons we need more banking licensed exchanges with higher volumes of crypto to fiat pairs!

But Fiat Is Evil!!!

I mean...you're not wrong, but its a necessary one for now. I've overlayed the BTC/USDT 13 bar EMA on top of our AION/USD chart to show why. Notice some similarities here? This is one of the major problems plaguing strong crypto projects these days, the lack of a low volatility trading pairs (fiat/crypto). The unfortunate reality is that until the space has more fiat pairs, we'll keep seeing this reliance 1.34% on bitcoin -0.58% price. And one of the most troubling things about this is not just the fact the price moves when BTC -0.58% does, its the fact that this is not representative of sentiment, but rather just an inevitable binary result of only having btc -0.58% pairs.

Anywho, I'll hop off my soapbox now; just thought this was a particularly clear example of how restrictive bitcoin -0.58% pairs are affecting price more than actual sentiment. Anywho, AION has some interesting things going on right now, I'm short term bearish , but the long term trend is definitely slowing its rate of decrease and shifting momentum.

The Good

• Our prior trend's long term overhead resistance was tested successfully as a new support
• Medium-High Strength support in $1.82 to &1.77 range

Neutral

• Volume has been sliding for over a month and still is, but the ROC is slowing down significantly
• Stochastic of the OBV is trying for a rally, but I believe a breakout is unlikely

The Bad

• BTC/USDT double topped and is swinging down, lower volume markets likely to follow
• Normalized MACD & RSI below zero, and decreasing - Extremely bearish sign
• Possibly approaching neckline of Minor H&S , if we dont bounce a slide is imminent
• Breakout above Andrew's Pitchfork 50 line was unsuccessful

Final Thoughts

AION in my opinion is a strong project but like much of the market its being pulled along in the wake of whales fighting it out in the BTC -0.58% markets. I wont be bullish unless we see a breakout and two bars close in the $2.25 to $2.32 range.

$1.75 will be another important price point to watch, if we have a double close below there I wouldnt be surprised in the slightest to see an impulsive move to the downside, possibly as low as $1.50

***TV doesn't seem to like my layered OBV stochastic and it disappeared but the linreg shows the range and trend direction well enough for these purposes.

DISCLOSURE:
This analysis is meant for educational purposes only. You trade at your own risk!

Happy Trading!
Austin Doyle
CTO

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