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Aerodrome Finance Price Surges 14% Following Coinbase Integration - Bulls Eye $1

Highlights:

  • The price of AERO has soared 14% trading above $0.60, with the potential to reach $0.70 soon.
  • The recent rally comes as Aerodrome integrates into the system of Coinbase.
  • AERO technical indicators show a potential rally, as the long/short ratio reflects increased demand. 

The Aerodrome Finance price has soared 14%, defying the current market downturn to $0.62 in the past 24 hours. Its daily trading volume has notably spiked 450% to $164M, indicating heightened market activity. This comes as Aerodrome incorporates into the system of Coinbase. The integration will enable users of Coinbase to trade AERO without any hassle hence offering a solution to the disparity between centralized exchanges and decentralized ones. 

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The collaboration will result in additional liquidity release and a further efficient market where users can learn the innovative features of AERO. Remarkably, the liquidity engine built on Aerodrome will provide a seamless transaction experience when combined with the trading system of Coinbase, which will enhance the experience of trading in DeFi. With the recent developments, how high can Aerodrome Finance price go?

Aerodrome Finance Price Technical Outlook

The Aerodrome Finance price in the 1-day chart timeframe, seems poised for a potential rally, as it has established strong support at $0.61. Currently, the token is trading well above the $0.60 mark at $0.62, with the bulls aiming for higher levels. 

The Aerodrome Finance price has been in a prolonged downtrend, however, the token is showing signs of recovery, after breaking through the $0.55 mark. The token is now trading well within the confines of a rising parallel channel, with the potential to break out to the $0.70 mark.

Aerodrome Finance Price
AERO/USD 1-day chart: TradingView

A quick outlook on the technical indicators, the Relative Strength Index (RSI) sits above the 50-mn level at 54.73. This shows that the token is neither overbought nor oversold, and the token may be at the brink of a new rally. Additionally, the MACD upholds a positive outlook, as it has crossed above the orange signal line. This calls for traders and investors to buy more AERO, further bolstering a potential rally in the coming days. 

On the other hand, the market volume of Aerodrome increased by more than 1,300% in a recent rise, achieving an impressive $323 million. Such a steep rise is a positive sign showing that more traders are getting interested in AERO as they experiment with its novel ecosystem. 

AERO Derivatives Analysis. Source: CoinGlass

The 24-hour long/short ratio also increased to 1.04 indicating a marginally higher demand in long positions, which also demonstrates increasing bullishness in the future of the project. 

What’s Next for AERO?

With the positive sentiment building around the token, the Aerodrome Finance price could surge. If the support level at $0.61 holds strong, and the bulls capitalize on the buy signal from the MACD indicator, the token will rally. In such a case, the bulls would target the $0.70, $0.76, and $0.89 resistance marks. If the bulls breach above the $0.89 barrier, they could open the doors for further upside towards $1 in the coming days. 

On the other hand, if the $0.89 resistance acts too strongly, the token may drop to the $0.61 support area. A break below this mark may open the doors to further downside to the $0.56 and $0.49 support zones.

In the meantime, the integration of Aero into a popular application, such as Coinbase, is a significant triumph of the project, indicating its possibility to become an instrument of taking advantage of the increasing popularity of decentralized finance among the rest of the cryptocurrency audience. This integration will expose more users to the offerings of Aerodrome and therefore the liquidity and trading volume of the AERO will increase which will ultimately have a positive effect on its price in the long term.

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