The Key Takeaways
Why has the price of AERO dropped today?
Fear of possible token dilution as well as a general bearish market sentiment.
What is the future price of altcoins?
AERO is on a short-term decline that could take it to $0.827 in the near future and $0.74 thereafter.
The 13th of November was Wednesday. reported You can also find out more about us here. Aerodrome Finance [AERO] The Base Network Velodrome [VELO] on Optimism will merge to form a new cross-chain decentralized exchange – Aero.
Dromos Labs is the company that created the two protocols for liquidity. They will initially operate in Base, Optimism Superchain and OP Superchain. Ethereum [ETH] network.
AERO’s existing holders will receive 94.5% while VELO will only get 5.5%. The coordinated nature and transparency of this DeFi AERO shares have fallen in recent months due to the merger.
It is not true. CoinMarketCap data AERO’s daily trading volume was reduced by 53%, or 6.36%. This could be due in part to concerns about dilution, or profits being taken. Additionally, Bitcoin’s [BTC] latest price action spurred market-wide fear.
Can AERO achieve a full recovery?
Source: AERO/USD at TradingView
After AERO moved above $0.966, the daily chart showed a bullish pattern. As it was towards the end of Septembre, $1.2 represented an important resistance area. Although the swing pattern (cyan) also showed a bullish trend, this was a move that had been completely retraced.
On 13 November, the OBV reached a new low. It was evident that sales volume had been very high in the last few days. AERO may drop to $0.74.
Source: AERO/USD at TradingView
It was the $0.92 demand area (red box) which had been used to launch AERO’s rally from last week. Now it is a supply area. In the last few hours, this resistance was tested again and the trend continued downwards on the 1 hour timeframe.
Next, we’ll be looking at $0.827 and then $0.74.
Disclaimer: This information is not intended to be a financial, investment or trading advice. It represents the sole opinion of the author.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com
