Aero has experienced a solid uptrend, bringing the price closer to $1. After a significant gathering, Altcoin is hovering just below a resistance level of $0.85.
Despite this recent rise, there is still a possibility that the rally will continue as it is likely that if you secure a key support level, you will likely earn more profits in the near future.
Aerodrome investors should wait
The Aero Relative Strength Index (RSI) is currently located above the neutral line, indicating that bullish momentum is still strong. This positive momentum suggests that market sentiment remains favorable for aero price action. Although RSI has not yet crossed over into over-acquired zones, this is an important factor that will allow it to maintain the upward trend for the time being.
As RSI remains in the positive zone, Aero still has room for price increases. The absence of buy conditions means that the inversion trigger is not imminent. As Altcoin continues to approach the psychological $1.00 mark, investors are closely watching signs of even more bullish strength.
Aero’s liquidation map shows that short positions currently dominate the market. If Aero succeeds in the $1 mark, the bear is at risk of liquidation of more than $4 million. The short contract concentration is evident in the negative funding rate, indicating that many traders are betting on Altcoin’s price rise.
Despite the advantage of short positions, the market is vulnerable to rapid price movements. As Aero continues to rise and reach the dollar threshold, it can cause a short wave of liquidation, which could further accelerate price increases.
Aero prices could rise soon
Aero has skyrocketed 75% since the beginning of the month, and is currently trading at $0.85 at $0.84. Altcoin is trying to secure this level as support. This is important to keep uptrends going. If this support is passed, Aero can see more price increases.
With current bullish sentiment, Aero is looking at a potential rise of $1.00 over the next few days. This is 18% off. A successful violation of the $0.85 resistance could increase investor inflows and drive prices towards the $1.00 level. The rally is supported by the momentum of the underlying market, and aero offers a good opportunity to continue rising.
However, if Aero fails to establish $0.85 as a solid support level, they could face a sharp decline. Failure to maintain this key level could result in a price returning to support for $0.72. This will invalidate the current bullish paper. If this occurs, Altcoin can see a reversal in its uptrend, which could lead to potential losses for investors.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
