Aerodrome Finance (AERO) Price Holds at $1 Amid Declining Market
The decline in the Bitcoin price is impacting the altcoin market. Key points include:
- Avalanche has dropped 8% over the past week.
- HBAR decreased by 6.69%.
- UNI fell by 10.37%.
- Aerodrome Finance (AERO) is down 17.05% this week.
Aerodrome Finance struggles to maintain its position at the $1 mark, currently holding a market cap of $791 million after a 2.70% drop in 24 hours.
AERO Token Price Trends
The Aerodrome Finance price trend indicates a downward movement influenced by a resistance trend line, but support near the $1 psychological level remains strong. Technical indicators show potential for a bullish reversal with:
- A double bottom pattern suggesting upward momentum.
- A daily RSI indicating bullish divergence.
- Resistance levels at $1.264 (61.8% Fibonacci) and $1.35 (double bottom neckline).
A breakout above these levels could lead towards a previous peak of $2.20, presenting an upside potential exceeding 100%. Conversely, a bearish breakdown may test support levels at $0.89 or $0.72.
Transaction Volumes and Holder Growth Signal Potential
Aerodrome Finance's transaction volume is around $10 million, over 50% higher than competing decentralized exchange (DEX) tokens. Additionally:
- The number of AERO token holders is consistently increasing despite market volatility.
- The market cap per active user stands at nearly $75k, indicating significant growth potential.
Conclusion
Aerodrome Finance must maintain support at the $1 mark to facilitate potential gains exceeding 100%. Failure to do so may result in further declines.