Aerodrome Finance’s AERO price went parabolic on Friday, reaching its highest point since January. It rose to a high of $1.085, up by over 310% from its lowest level this year.
AERO price jumped after Brian Armstrong, Coinbase’s CEO, confirmed that the company was starting to launch DEX trading on the platform. This means that its users will now be able to open and execute trades directly on its application, which is widely used by millions of users.
By incorporating DEX trading on its app, Coinbase has simplified a process that many people find tedious. Although Coinbase did not specify the initial apps to be added to its platform, Aerodome is likely to be the first due to its popularity and size.
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Data shows that Aerodrome is not only the biggest DEX platform on Base Blockchain but one of the leading ones in the entire crypto industry. It handled trades worth $18.6 billion in July, up from $13.6 billion in the previous month.
Aerodrome generated over $181 million in revenues in the last 12 months, making it one of the most profitable platforms despite its tiny fees.
AERO Price Technical Analysis
The three-day chart shows that the Aerodrome Finance token bounced back to a high of $1.10 after the Coinbase news. It has moved above the 38.2% Fibonacci Retracement level as the momentum continued.
AERO price moved to the upper side of the ascending channel that connects the higher highs and higher lows since May. Therefore, more gains will be confirmed if the price rises above the upper side of the ascending channel.
If this happens, the next AERO price to watch will be at the 50% retracement level at $1.3085, which is about 20% above the current level.
The risk, however, is that the ascending channel could be part of the formation of the bearish flag pattern. If this happens, it may resume the downtrend and retest its lower side.
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