AERO has been experiencing a solid uptrend, bringing the price close to $1. After a significant rally, the altcoin is now hovering just under the $0.85 resistance level.
Despite this recent rise, there is still potential for the rally to continue, with AERO likely to see more gains in the near future if it secures key support levels.
Aerodrome Investors Should Wait
The Relative Strength Index (RSI) for AERO is currently positioned above the neutral line, indicating that bullish momentum is still strong. This positive momentum suggests that the market sentiment remains favorable for AERO’s price action. While the RSI hasn’t crossed into the overbought zone yet, this is a key factor that could sustain the uptrend for the time being.
As the RSI remains in the positive zone, AERO still has room for price appreciation. The absence of overbought conditions means that a reversal trigger is not imminent. Investors will be watching closely for any signs of further bullish strength, as the altcoin continues to edge closer to the psychological $1.00 mark.
The liquidation map for AERO shows that short positions are currently dominating the market. Bears are at risk of over $4 million worth of liquidations if AERO successfully reaches the $1 mark. The high concentration of short contracts is evident in the negative funding rate, signaling that many traders are betting against the altcoin’s price rise.
Despite the dominance of short positions, the market is vulnerable to a sharp price move upwards. If AERO continues to rise and reaches the $1 threshold, it could trigger a wave of short liquidations, further accelerating the price rally.
AERO Price Could Rise Soon
AERO has surged by 75% since the beginning of the month and is currently trading at $0.84, just under the resistance at $0.85. The altcoin is attempting to secure this level as support, which will be crucial for continuing its uptrend. If this support holds, AERO could see further price gains.
With the current bullish sentiment, AERO is eyeing a potential rise to $1.00 in the coming days, which is 18% away. A successful breach of the $0.85 resistance will likely draw in more investor inflows, driving the price toward the $1.00 level. The rally is supported by the underlying market momentum, which gives AERO a good chance to continue rising.
However, if AERO fails to establish $0.85 as a solid support level, it could face a sharp decline. A failure to hold this key level could send the price back toward the support at $0.72, which would invalidate the current bullish thesis. If this happens, the altcoin could see a reversal in its uptrend, leading to potential losses for investors.
Disclaimer
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