Aerodrome Token AERO Surges 60% in 90 Days Amid Base Network Gains

Aerodrome (AERO), the main decentralized exchange (DEX) token on Coinbase's Layer 2 network, Base, has been gaining significant attention following a strong rebound during recent market volatility. Despite a slight dip in the past 24 hours, AERO's momentum remains robust, with many traders anticipating a potential breakout above the $1 mark.

Prominent analyst CryptoED highlighted AERO's performance, noting that it stood out as the top performer during the recent market dip and is poised to surpass the $1 mark. The analyst also suggested that any approval from the Securities and Exchange Commission (SEC) allowing Coinbase to introduce on-chain stock trading could further boost the Base network and, consequently, AERO.

AERO's bullish price trend began in early June when it rose from a low of $0.4772 to $0.9576, nearly doubling in value within a few weeks. Although the price has since cooled, it has formed higher lows, indicating a sustained uptrend and buyer interest during dips. At the time of writing, AERO is trading around $0.8132, holding above key moving averages, including the 7-day ($0.8122), 50-day ($0.6660), and 100-day ($0.5774), which is a positive sign for traders.

Technical analysis shows that resistance is currently just below the $0.96 level, the local high from mid-June. If AERO can push through this level with solid volume, it may soon test the $1.00 mark. Breaking this psychological barrier could attract more buyers. On the downside, support appears strong near $0.6293, aligning with the 50-day moving average and a past resistance flip. Volume has slightly tapered off since the rally, which is typical during consolidation, but there are no clear signs of a momentum reversal.

Despite a 2.25% loss in the past day and a 13% decline over the past week, AERO is still up more than 60% over the last 90 days. The 30-day numbers are also positive, with a 36% gain. Although AERO's price remains down about 41% for the year, there is potential for growth if bullish conditions persist. With the Base network gaining traction and potential regulatory breakthroughs for on-chain stock trading, AERO could continue its upward trajectory. If AERO's price clears the $0.96 resistance with strong buying pressure, the next leg up could come swiftly, with all eyes on the $1 breakout.