• Volume reached $1.17 billion, which is a comfortable lead over its competitors.
• Technicals indicate that the price is shaping for a rise to $1.62
• Increase in open interest shows that investors have confidence in AERO.

Aerodrome’s (AERO) trading volume has jumped to $1.17 billion, as its price is headed towards the $1.62 mark. The technicals and market sentiments both show that this coin’s price will continue rising.

AERO’s DEX Volume Increased Beyond Competitors

Aerodrome has received a giant-sized boost as the ecosystem announced that its daily trading volume shot to over $1.17 billion. That is 55% more than Uniswap on Base, which reported $657 million. It was also far ahead of PancakeSwap, which had only $517 million. 

Source: X 

This wave of liquidity and user activities support Aerodrome’s increasing dominance on Base. Analysts consider it a new positive stance towards this cryptocurrency’s long-term development. Following this explosive growth, there are discussions in the crypto community of a new price high.

Also Read | Aerodrome Finance AERO Surges 15% After Coinbase Base Network Boost

Fib. Extension and VWAP Zones Show Promising Signs

The Fibonacci extensions and VWAP zones suggest that AERO may fly up to $1.62 in the near future. The coin’s price has already broken through the 1.618 level at around $1.27, and this has become a strong support. It is now expected that this cryptocurrency will gear up to the highest Fib extension of about $1.62.

Fib. and VAWP. Source: TradingView

The signals given by the combination of the Fibs and VWAP indicate that the rally is not another short-term spike. Instead, it suggests a constant rise inspired by market confidence.

Strong Demand Keeps AERO Bullish

The coin’s RSI is trading around 75, a little above the overbought line, but it is not breaking down. Thus, it is highly likely that the buying pressure will not fade anytime soon. 

Source: TradingView

MACD is also positive, with both lines already flying high above the baseline. The fact that the RSI and MACD agree is confirmation that there is a strong demand. This also confirms a price uptrend for this coin.

Open Interest Shows Increasing Bullish Conviction 

Coinglass data provides the change in sentiment in recent months for AERO. Between January and March, when prices declined, open interest decreased. However, there was a slight tick upwards in April. Then came May, which brought in an increase in open interest, along with the price increase. 

The coin’s price was more consistent in June, while July brought about a stronger positioning of the positive trend. The major price outburst was in the first week of August. During this period, the open interest rose as the price soared above $1.20. 

When observing the volume trends, there is a pattern that agrees with price trends. The coin first fell to $0.30 in April after it reached $1.20 in February. This happened along with a collapse in the trading volume. 

Source: Coinglass

In late April, the coin’s price began to stabilize at about $0.50. However, due to the buying frenzies in June, the price rose sharply from $0.80 to $1.20.

The start of August saw an even greater momentum, with the volume reaching new highs once more at over $1.40. With exchange volume rising sharply, solid technicals, and increasing open interest, AERO is set to keep rising. 

Also Read | Aerodrome Finance (AERO) Bull Run Gains Strength: Can It Break $2.00?