Aurora crypto token formed a God candle on Tuesday as the crypto fear and greed index moved to the greed zone. The token surged by over 50%, reaching a high of $0.1735, its highest point since July 23rd. It has risen by about 60% from its lowest level this year, bringing its diluted market cap to $160 million.
What is Aurora?
Aurora is a leading network in the Near Protocol ecosystem. It is a platform that has attracted over 211 developers across multiple sectors like gaming, decentralized finance (DeFi), and non-fungible tokens (NFT).
Aurora is widely seen as a better alternative to most networks, with an average block time of 1 second and 2 seconds transaction finality. The network has lower transaction costs than other platforms since it costs $0.02.
Aurora has not done well this year as the total value locked (TVL) in the network jumped to over $18.7 million, down from the year-to-date high of $47 million. The biggest dApps in the ecosystem are Aurora Plus, Trisolaris, Stargate, and Aurigami.
Meanwhile, the network has achieved a breakthrough game in the form of Arium, a play-to-earn network, which has achieved 10,000 monthly active users and 8,000 playing hours.
Aurora’s token rose in a high-volume environment. Data by Coinmarketcap shows that its 24-hour volume rose by 2,675% to $16.40 million. Most of this volume was in Coinbase, which represented about 22% of the share. It was followed by Bybit, HTX, and Bitget.
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Aurora price analysis
AURORA chart by TradingView
The daily chart shows that the AURORA token has bounced back in the past few days. This rebound happened after forming a double-bottom pattern, a popular bullish pattern. It has moved above the key resistance point at $0.1515, its highest point on October 1.
Aurora has moved above the 50-day and 100-day Exponential Moving Averages (EMA), while the Relative Strength Index (RSI) and the MACD have pointed upwards.
Therefore, the Aurora token will likely continue rising as bulls target the 50% retracement point at $0.3757, which is 147% above the current level. The risk, however, is that the token will retreat and retest the support at $0.10, its lowest point this year.
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