- Aerodrome Finance made a remarkable comeback after a mild correction in previous sessions.
- AERO price has surged by 13% in the last 24 hours, suggesting bullishness.
Aerodrome Finance (AERO) has experienced a notable resurgence as bullish momentum has returned to the market. AERO is getting attention and making headlines, recently, as it is up 13% in the last 24 hours according to CoinMarketCap data. Moreover, an astonishing surge in its daily trading volume of 140% also noticed, a clear sign of renewed trader optimism, hinting at possible institutions returning to the market.
The price action gives an interesting technical picture as AERO trades at $0.89541 above both key moving averages. The 200-day EMA at $0.7818 is now providing support for the long term, and the recently reclaimed 50-day EMA at $0.80021 is now providing some additional support. With both of these moving averages acting as support as well as reversal points, being above both moving averages is a major technical breakout and tells us the long-term picture is favourable for bulls.
AERO is displaying a traditional recovery pattern according to trading patterns and is bouncing up decisively from $0.28069, the lows of April. During the entirety of the recovery period, AERO has been making higher lows, the foundation built for historic price action. Bulls are now in a strong position to make higher highs again as they have recently run through the psychological level of $0.80, an obvious fact supported by an increasing number of volume levels and improvement in multiple time frame indicators.
What Next For AERO Price?
Technical indicators are aligning bullishly over multiple time frames. The RSI is currently reading 58.26, in healthy territory regarding being above neutral 50 and has not been anywhere near overbought levels, meaning there is room for a continued upside move. The MACD has turned bullish, with the signal line crossing above the MACD baseline, indicating a bullish shift from previous bearish sentiment.
The Awesome Oscillator has ultimately turned green, indicating momentum is being crushed by buyers. The volume is also very strong for the respective price actions as the amount of volume has increased by a large 140% with the price, making this move validating the move’s legitimacy and suggesting that this is less driven by retail speculation and more of institutional accumulation, which we’d take either way. In this instance, increased volume is noticed, which typically comes before large price movements or consolidation, showing conviction by investors.
Moving forward, AERO is trading above both EMAs, and the resistance targets now immediately certainly look at the $1.00 level, the next significant obstacle to upside. The reclaimed 50-day EMA now acts as the first support line at $0.800, and the 200-day EMA will serve as the second support line at $0.7818. This bullish EMA alignment presents a favourable risk-reward situation for traders because any pullbacks can find support at either EMA. Overall, the technical structure suggests upside is in store for AERO if the market supports it.
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