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After retracing to $0.42, Aerodrome Finance [$AERO] found another upside momentum. The altcoin bounced back and touched a local high of $0.499.
As of this writing, Aerodrome Finance was trading around $0.493, up 14% on the daily charts. With the price hike, the altcoin successfully flipped the 200-day EMA, signaling the trend’s strength.
Small whales defend key levels
After $AERO dropped to $0.42, buyers returned with strength. According to Coinalyze data, buyers have remained extremely active over the past three days.
Over this period, the altcoin recorded 23.3 million in Spot Buy Volume compared to 20 million in Spot Sell Volume.
Source: Coinalyze
As a result, the Spot saw a positive Buy-Sell delta of 3 million, a clear sign of buyer’s market control.
Looking deeply at the Spot side, small-scale whales mostly drove the market demand. The Spot Average Order Size data from CryptoQuant showed an increase in small-whale orders.
Source: CryptoQuant
Increased orders from the group, accompanied by high buy volume, indicate the group is aggressively accumulating. Often, increased accumulation at the Spot strengthens upside momentum, leading to further gains.
On the Futures side, speculators also jumped into the market, fearing they would miss out. According to CoinGlass data, Aerodrom Finance’s Open Interest rose 24% to $50 million.
Source: CoinGlass
At the same time, derivatives volume jumped 29% to $74 million. OI and Volume rising together suggested increased market activity and steady capital flows.
Meanwhile, the Long/Short Ratio jumped to 1.03, with the OKX ratio hitting 5. This suggested that most traders took long positions.
Can $AERO upside momentum hold?
Aerodrome Finance is experiencing a strong rebound, largely driven by small whales. As a result, the altcoin’s Relative Strength Index (RSI) jumped to 67.
RSI at such elevated levels indicates the current market momentum is largely driven by buyers. As such, buyers now have significant control over the market.
Source: TradingView
At the same time, the altcoin holding above both short and long-term moving averages further validates this market trend. Traditionally, such market conditions often precede more gains on asset price charts.
Therefore, if demand across the market, especially from whales, remains, we could see $AERO make more gains. A trend continuation will see $AERO flip $0.5 and target $0.55 resistance, where it earlier faced rejection.
However, if profit-taking occurs at current price levels, another pullback will follow, with $0.40 as the next support level.
Final Summary
- $AERO surged 14%, successfully defended $0.42 support, and jumped to a high of $0.49 as bulls eye $0.55.
- Aerodrome Finance rebounded as small whales continued to accumulate, with speculative demand accompanying the move.
