Aurora is a smart contract platform that aims to provide a more efficient, secure, and scalable way to build decentralized applications. The project is led by a team of experienced developers and entrepreneurs who have been involved in the blockchain space since early 2017.
The native token of the Aurora platform is called AOA, and it is used to power all smart contracts and transactions on the network. Since the crypto bear cycle started this year, most altcoins have been in a downtrend, and Aurora hasn’t been an exception. If you’re looking for a detailed Aurora price prediction, then you’ve come to the right place! In this article, we’ll take a look at some of the factors that could impact the future price of Aurora. Let’s get started!
AOA Technical Analysis
AOA has been in a downtrend since January 2022 and has lost over 70% of its value since then. However, the past few months have been the most bearish months for Aurora, and it’s now trading at all-time lows of $0.0002853.
The rejection of the resistance trendline in September 2020 and again in January 2021 shows that Aurora is losing momentum. The moving averages are also trending downwards, which confirms the bearishness in the market.
The RSI is currently at 28, which shows that the market is oversold. This means that there could be a relief rally soon, but we cannot be sure. The MACD is also bearish, and it looks like the bears are in control of the market right now. From a technical analysis perspective, AOA seems to be an excellent short-term sell and could trade to as low as $0.0001 in the coming months.
Fundamental Analysis
Some of the critical factors that could impact the future price of Aurora are;
Adoption
One of the biggest challenges facing AOA is adoption. If more people start using the platform to build decentralized applications, then we can expect the price of AOA to go up. However, there is decreased adoption of AOA at the moment due to the presence of competitors, as numerous crypto projects are being birthed daily. This is one of the reasons why the price of AOA has been reducing and could keep dropping in the coming weeks.
Market Sentiment
The current market sentiment for AOA is quite bearish. This is because the overall crypto market has been in a downtrend since January, and most investors are selling their assets to avoid further losses. In fact, a report by CoinCodex shows that the fear and greed index for AOA shows extreme fear and predicts more bearishness in the coming months. However, if the market turns around and starts to rally, then Aurora could begin to see some buying pressure.
Final Thoughts on AOA
Overall, it seems like AOA could continue to trade lower in the short term as the market conditions remain bearish from a technical and fundamental analysis standpoint. AOA could trade to as low as $0.0001 in the coming months. However, if the overall crypto market starts to recover, then Aurora could begin to see some buying pressure and rebound.