Aerodrome Finance (AERO) token price has continued its strong bull run this week as investors cheered the Donald Trump win and the rising crypto fear and greed index. The token soared to a high of $1.4 on Thursday morning, up by 250% from the year-to-date low, bringing its valuation to over $967 million.
Aerodrome price rises as Base network thrives
Aerodrome Finance has become one of the top players in the crypto industry in a fairly short period.
It is a leading automated market maker in the Base Blockchain, which was launched by Coinbase in 2023.
Data shows that its volume has continued to grow, propelling Base into one of the biggest players in the DEX industry in the past few months.
According to DeFi Llama, Aerodrome V1 handled over $865 million in volume in October. Its website notes that the network has over $1.2 billion in total value locked (TVL), making it the 31st biggest name in DeFi.
More data shows that Aerodrome Finance’s network handled over $1.08 billion in assets in the last 24 hours. It has handled over $4.52 billion in the last seven days, a remarkable thing for a network that has been around for just a few months.
Aerodrome has beaten other large names in the Base ecosystem like Uniswap, PancakeSwap, BaseSwap, and Maverick Protocol
One of the reasons why Aerodrome Finance is doing so well is that its platform has significantly low transaction costs than other networks like Uniswap and PancakeSwap.
Additionally, the network is being supported by the growth of the Base ecosystem. For example, the biggest meme coins in the Base ecosystem have a market cap of over $1.5 billion. They include popular names like Brett, Degen, Toshi, Keyboard Cat, and Higher.
This trend will continue doing well as Base solidifies its state as the biggest layer-2 network in the industry.
AERO’s surge happened as its futures open interest soared to a record high of over $13 million this week. Open interest is a figure that looks at the amount of unfilled orders in the futures market and is a good indicator of demand.
Most importantly, the AERO token price soared after Donald Trump won the election, a move that will lead to friendlier regulations, as Brian Armstrong, the head of Coinbase noted on Wednesday.
In an X post, a trader going by the user name HashSpike predicted that the Aerodrome token would have 10x gains, which would imply its price soaring to $14 in the long term.
AERO price analysis
AERO token chart by TradingView
Turning to the daily chart shows that the AERO token price has been in a strong bull run in the past few weeks. After crashing to a low of $0.397 in July, the token has soared to $1.40, its highest point on October 15.
Aerodrome token is nearing the important resistance point at $1.621, its highest point on October 15. It has also jumped above the 50% Fibonacci Retracement point.
More so, the coin has remained above the 50-day and 25-day moving averages. It has also moved to the weak stop & reverse point of the Murrey Math Lines of $1.367.
Therefore, the token will likely continue rising, with the next point to watch will be at $2.37, its all-time high, and 70% above the current level. This move will be confirmed if the AERO price jumps above the $1.62.
On the flip side, a drop below the key support at $0.977, the top of the range part of the Murrey Math Lines will invalidate the bullish view.
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