Aerodrome Finance (AERO) prices have risen more than 50% so far in June after surging 5.45% on Monday, analysts at FXStreet said. To continue this uptrend, AERO is targeting a break above the 50% Fibonacci level of $0.829, which is the retracement between the December high of $2.334 and the year-to-date low of $0.282.
On the daily chart, AERO forms a rounded bottom reversal after breaking through the channel, with a target price of $1, consistent with the 61.8% Fibonacci level. As investors increase buying pressure below the 50% Fibonacci level, the 61.8% level, consistent with psychological barriers, may become an exit point.
Further rise, with a surge in trading volume supporting the recent rebound, increases the likelihood of a breakthrough. The RSI is approaching the overbought boundary, but the MACD indicator is trending upwards near its signal line. Therefore, the momentum indicators suggest that bullish momentum is surging.
If AERO fails to break through the 50% Fibonacci level of $0.829, it may test Monday’s low of $0.726.
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