Aeon has lost 80% of the USD value after it corrected from the $9.5 all-time high, down to $1.95. But the key support level is at $2.8, that is 227.2% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout.
At first, $2.8 support has been rejected but then price broke below down to $1.9 and almost immediately went back up to $3.6. On a corrective move down AEON/USD again rejecting the $2.8 level and now it seems to form the head and shoulders reversal pattern.
The confirmation should be the break above the neckline and should send the price up to the major resistance area between $4.7 – $5.2. On a downside break below the $2.8 support should invalidate bullish outlook.