Aerodrome Finance [AERO], the automated market maker (AMM) and decentralized exchange (DEX) on the Base network, has been making waves in the cryptocurrency market recently. According to DeFiLlama data, the DEX has been experiencing higher trading volumes than Uniswap [UNI], a major player in the DeFi space.
The recent partnership between Shopify and Coinbase, which allows for early access to stablecoin payments using Circle’s USDC, has further boosted AERO’s popularity. This announcement came hot on the heels of the news that Coinbase would be integrating Base DEXs into their main app, sparking excitement among AERO users. As a result, the token saw a significant rally of 45%, bringing it closer to the $1 mark.
Despite a prolonged downtrend that began in December and lasted until late April, AERO has shown signs of recovery in recent days. The token has managed to push beyond the $0.8 resistance level, with the next hurdle being the $1 mark. The 3-day market structure is currently bullish, with the $0.52 level acting as a strong demand zone earlier this month.
Looking ahead, the key resistance zones for AERO are at $1.55 and $1.89, based on Fibonacci retracement levels. While the bullish structure break is a positive sign, indicators like the Chaikin Money Flow (CMF) and Awesome Oscillator suggest that capital inflows and momentum are still relatively low. However, with momentum beginning to turn bullish on higher timeframes, there is optimism for further price appreciation.
It’s important to note that the information presented here is the writer’s opinion and should not be considered financial, investment, or trading advice. As always, investors should conduct their own research before making any decisions.
In conclusion, AERO’s recent performance and partnership announcements have generated excitement and momentum for the token. With key resistance levels in sight and bullish market structure, the future looks promising for Aerodrome Finance. Stay tuned for further updates on this evolving story.
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