Aerodrome Finance token price continued its strong rally as the crypto market bull run gained steam. AERO price jumped to a high of $1, its highest point since February. It also soared after Base Blockchain launched The Base App (TBA).
AERO Price Rises After Key Base News
AERO price jumped after the Base Blockchain launched TBA, which will replace the Coinbase Wallet. TBA is a new application that will have most applications in the ecosystem, including Morpho and Aerodrome Finance.
Coinbase hopes that TBA will help to take these applications mainstream and simplify how people access them. As such, Aerodrome Finance is likely to become a more popular application, thereby increasing its volume and fees.
READ MORE: Pepe Price Prediction: Set to Surge Amid a Supply Squeeze
Recent data indicate that Aerodrome’s volume has been in a downward trend over the past few months. Its monthly volume peaked at $30 billion in November last year and then bottomed at $9.1 billion in March.
Most recently, Aerodrome’s volume peaked at $17 billion in May and then dropped to $13.6 billion. It has handled approximately $7.45 billion this month, suggesting that The Base App may help it resume its growth.
Aerodrome’s total value locked (TVL) has soared to over $595 million, its highest level since February, and much higher than the year-to-date low of $434 million. Its TVL is significantly higher than that of other popular coins, such as Cardano and Algorand.
The other potential catalyst for the AERO price is the ongoing crypto market bull run, which is driving increased volume on both centralized and decentralized exchanges.
Aerodrome Price Technical Analysis
The daily chart shows that the AERO price bottomed at $0.2710 in April and then rebounded to near $1. It formed an ascending channel and is nearing its upper side.
AERO has moved above the 50-day and 100-day Exponential Moving Averages (EMA) and the 23.60% retracement at $0.7626. Further, the Relative Strength Index (RSI) moved closer to the overbought level.
Therefore, the token will likely continue rising as bulls target the 50% retracement point at $1.3062. This target is about 40% above the current level. A drop below the support at $0.7625 will invalidate the bullish AERO forecast.
READ MORE: HBAR Price Analysis After Bullish Hedera Hashgraph News
