Considering the formation, MA breakout as well as the downtrend 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% 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 outlook, and the downtrend continuation might take place.