Aeon Still Strong, More Growth Is Likely

Base on our previous idea, Aeon broke the resistance which confirms the bullish intentions of this coin. 227.2% Fibonacci retracement level ($3.15), which was applied to the corrective wave after the downtrend trendline breakout, show that it did act as a resistance and was rejected two times.

But on the 26th of November, this resistance was broken and AEON/USD continued to rise. Now the resistance becomes a support. First is $3.15, second $2.8. It is possible Aeon will get back to re-test one of these levels but it should only provide a more attractive price for investors.

The strong upside resistance which could be considered as an upside target is $4.75, which is inline with two Fibonacci retracement levels, 161.8% and 427.2%. At this point, a reversal down is very unlikely and only in the event of price closing below the 200 Moving Average, the trend could be changed.



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