- AERO has maintained a bullish structure since September.
- The OBV was above two-month highs to signal increased demand.
As a seasoned crypto investor with scars from the 2017 bull run and the subsequent bear market, I’ve learned to read charts like a map and trends like weather patterns. Aerodrome Finance [AERO] has been quite the rollercoaster ride for me lately. After maintaining a bullish structure since September, it’s challenging the $2 resistance zone, a region that has served as a wall in March.
In the last seven days, Aerodrome Finance (AERO) has surged by a substantial 39.18%, approaching the $2 price barrier that it previously encountered resistance at in March. This barrier presented a challenge yet again.
Aerodrome Finance to flip $2 to support?
In simpler terms, the market’s trend over a one-day period has continued to be bullish (rising) since Aerodrome Finance’s price surpassed the previous lower high of $0.75 on September 18th. There have been no signs of the market becoming bearish (falling) since then.
In October, it was tough for the AERO bulls to push beyond the $1.3-$1.5 resistance barrier. However, they managed to do so only in the latter half of November. This significant breakthrough happened during a period of increased trading activity.
Over the last ten days, the OBV has been trending upward, suggesting it’s on the path to recuperation after dropping in early November. Additionally, it has surpassed the local highs of the previous two months, indicating robust purchasing activity.
The RSI was at 76 and in overbought territory but does not show an imminent pullback.
As of now, the psychologically significant level of $2 coincides with a bearish trading block dating back to March. Therefore, potential investors in Aerodrome Finance may find it challenging to surpass this resistance point.
A short-term price dip ahead?
Last week’s liquidation heatmap indicated a substantial concentration of liquidity near the price point of $1.4. This concentration extended from approximately $1.34 to $1.52.
It’s worth noting that the region of liquidity shares a significant common area with the bullish resistance block (represented by the cyan box) on the daily chart around the $1.5 mark. Therefore, it’s plausible that we might revisit this price point again.
In simpler terms, as we look at shorter periods, it appears that Aerodrome Finance’s price may move towards approximately $1.8 or $2, which seem to be the strongest attractive points.
Realistic or not, here’s AERO’s market cap in BTC’s terms
The $2 zone in particular is likely to get swept in the next few hours before a reversal.
From my analysis, it’s uncertain just how far the price decline might extend for AERO. However, I’ve identified robust demand areas around the $1.50 mark and lower. If the price falls below $1.72, that could be an indication for potential buyers to start placing bids within the range of $1.34 to $1.52.
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2024-12-06 02:15