AEVO crypto entered Q2 under a profit-taking phase, just after an initial surge of over 400%

Mid-Q3, after August 5th to be precise, due to renewed bullish sentiment, conditions seemed to improve a bit.

After an initial surge of over 400%, AEVO crypto entered Q2 in a profit-taking phase. However, conditions seemed to improve a bit mid-Q3, precisely after August 5th, due to renewed bullish sentiment.

In September, Bitcoin's (BTC) 5% spike positively influenced AEVO's growth, with its price surging nearly 14% intraday to $0.3627. As BTC's movements significantly impact low-cap coins like AEVO, the underlying demand and momentum for AEVO price.

The crypto market anticipates positive movements in Bitcoin and altcoins, though some turbulence has been observed in BTC’s shorter timeframes. Continue to read further for more insights into AEVO crypto.

BTC’s Role in the 14% Surge Witnessed in AEVO Price

As Bitcoin (BTC) rebounded this September, altcoins have shown promising potential for significant gains. Among these, low-cap altcoins like Aevo (AEVO) have attracted smart investors during the broader market recovery.

Recently, AEVO, ranked 152nd among the top 200 crypto projects, experienced a remarkable intraday surge. This spike was fueled by Bitcoin's recent rise, underscoring BTC's role as the market leader.

When BTC moves, many low-cap altcoins tend to follow, making AEVO crypto one of the day’s top performers.

Will Investors Push AEVO After 28% Growth Intraday?

In September, AEVO's price surged nearly 28% from its demand zone, showing strong momentum after a prolonged consolidation in Q3 2024. This intraday strength allowed AEVO to break through the 20-day EMA bands effortlessly, though it faced resistance near the 50-day EMA band.

Notably, 87.11% of AEVO's total supply of 1 billion is in circulation. This is indicating strong accumulation as the price remained sideways at lower levels.

The market cap has grown to $317.77 million, with a significant increase in spot trading activity. Intraday volume spiked by over 120%, reaching $40.47 million, and liquidity surged, with the market cap-to-volume ratio hitting 13%.

In the derivatives market, AEVO crypto saw a remarkable 290% increase in volume inflow, amounting to $110.71 million, indicating rising demand.

According to Coinglass, AEVO's OI-weighted funding rates have risen to a positive 0.0045%. This has been signaling increased market optimism and reduced bearish sentiment.

Open interest for AEVO crypto climbed to $26.83 million, a 30.79% increase from the previous session. The 24-hour long/short ratio stood at 1.0084, showing more short positions than long ones.

Additionally, $91.45K worth of short positions were opened, while $68.03K in long positions were liquidated intraday, suggesting a positive market outlook for AEVO.

These metrics highlight a bullish sentiment for AEVO crypto, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations suggest that AEVO's price could continue to rise.

If the optimism persists, a proper bullish price action seems imminent for future gains or a parabolic move ahead.

AEVO Price Analysis Over Daily Chart

AEVO's price reversed from its peak of $5.13, entering a bearish trend with lower lows and breaking multiple supports in Q2 2024. By the second month of Q3, bullish activity managed to halt the decline, but the price began consolidating in a narrower range below the 50-day EMA.

According to AEVO price predictions, if it surpasses the 50-day EMA and successfully makes a change of character (ChoCh) near the $0.75 level, the price could soar.

Potential targets for this rise are around the $1.00 and $1.75 marks. However, decreasing momentum might keep AEVO's price in an equilibrium state. Investors should avoid FOMO and conduct their own research (DYOR).

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.