AERO, the native token of Aerodrome Finance, continues to struggle under bearish sentiment. Over the past 24 hours, the token slipped nearly 2.5%. Despite this short-term weakness, AERO gained 2.38% over the last week, highlighting a mixed performance in volatile conditions.
At the time of writing, the token is trading at $1.16, supported by a 24-hour trading volume of $72.97 million, up 2.56% over the last 2 hours. The market capitalization sits at $1.03 billion, placing AERO among notable mid-cap tokens. While weakness persists, technical indicators suggest a potential recovery if momentum builds.
Also Read: AERO Surges 2.2% as Bulls Gear Up for $2.36 Breakout
Technically, AERO trades just below the 9-day EMA of $1.17, signaling mild bearish pressure. The Bollinger Band midline at $1.25 stands as immediate resistance, while the $1.00 level acts as crucial support. A move above $1.25 could pave the way for a stronger rally toward the $1.50 target, provided that bullish volume supports the breakout.
The Relative Strength Index (RSI) remains neutral at 49.39. This suggests a period of consolidation without clear overbought and oversold indications. Traders watch closely for a directional determination that either validates bearish momentum or suggests a trend reversal.
The technical chart is positively reinforced by the MACD. The MACD line stands at 0.00101 compared to the larger signal line at 0.02525, holding the histogram in the negative at -0.02425. However, shrinking red bars signify fading bearish momentum.
Open interest (OI) fell by 3.72% to $82.47 million. This is a sign of a shrinking of leveraged positions and caution by traders following swing movements recently. The fall is a sign of fading conviction among short-term traders.
On the other hand, the OI-weighted funding rate is at 0.0045%. This minimally positive level implies that long positions are paying shorts and is showing a mild bullish bias. Stability also indicates that the market is not highly speculative but balanced.
Overall, AERO is at a crossroads. An increase in momentum above $1.17 and breaking of resistance at $1.25 may send the token on to $1.50. On the downside, a failure to hold at $1.00 may extend bearish pressure.
Also Read: AERO Plunges to $1.39 as Whale Pulls $2.89 Million Out
