Aerodrome Finance Surges 14% in 24 Hours Amid Market Recovery

Aerodrome Finance, a prominent cryptocurrency, has recently shown signs of recovery after a prolonged downtrend. The price of Aerodrome Finance surged by 14% in the past 24 hours, reaching $0.6131. This upward movement is significant as it indicates a potential shift in market sentiment towards the asset. The price action on the 3-day timeframe shows a strong bullish candle pushing above the $0.60 level, which is a critical support zone. This move comes after a sustained downtrend from its prior highs, forming a potential double bottom around the $0.50 area. This level is very close to the 0.786 Fibonacci retracement level, which often serves as a strong support in deeper corrections.

The recent surge has broken a descending trendline and has brought the price of Aerodrome Finance into a critical inflection zone between the 0.618 and 0.5 Fibonacci retracement levels. This region is highlighted as a significant resistance zone, with historical AERO price congestion noted. However, the price of AERO is now trading below both the 50 and 200 Simple Moving Averages (SMAs), which now act as immediate resistance levels. The Relative Strength Index (RSI) is currently at 51.49, slightly above the midpoint of 50. This neutral reading leans bullish as it rises from oversold conditions, suggesting increasing buying pressure without yet being overextended.

Aerodrome Finance appears poised for a potential move toward the $1.08 region. This aligns with the previous structural resistance and the lower edge of the highlighted supply zone. The projected price movement suggests a potential gain of approximately 76%, targeting the horizontal resistance near the $1.06 level. However, if the price fails to hold the $0.60 breakout level, a return to the $0.50–$0.52 support area remains likely.

The immediate resistance level for buying right now is $0.80. If Aerodrome Finance breaks above it, the next line of resistance would be $1, along with the $1.5 resistance. Aerodrome Finance hinges on reclaiming $0.67 and closing above $0.80. If momentum holds, AERO could revisit $0.80 and potentially test $1 in the near term. This recovery is crucial as it indicates a potential shift in market sentiment towards the asset, which could lead to further gains in the future. However, the sustainability of this recovery remains to be seen, especially amid the latest drops in the broader cryptocurrency market.

Despite the ongoing crypto meltdown, Aero has posted over 30% gains in the last 24 hours and remains strong on intraday trading. This strength is evident as several altcoins, including Aero, regained strength and posted notable gains after 7 days of buying. However, the buying momentum cooled off due to a new sell order, causing a reduction in the past days and leading to a negative sentiment in the market. The market is now bleeding out again, following Bitcoin’s drops, which have shown no signs of stopping yet.

Altcoins like Aero have defied the odds and are now posting gains on the day. It currently appears strong and shows signs of bullishness on the daily chart with a higher high and higher low pattern in the past months. The latest bullish signal is supported by the $0.47 level. If it continues to play out, we can expect a major increase in the coming days. Surpassing the previous high should validate a big price movement in the future. Inversely, if Aero fails to advance higher, a dip below last week’s low could trigger a fresh breakdown to the yearly low before deciding where to head next. For now, the market is still in favor of the bulls.

The key resistance levels to watch are $0.8, $1, and $1.5. There’s room for a pullback at $0.56. If the price drops below the $0.47 support level, the next support to keep in mind would be $0.375. The spot price is currently at $0.68, with a bullish trend and high volatility. The trend remains bullish, but the sustainability of this recovery is uncertain, especially amid the latest drops in the broader cryptocurrency market.