On Sunday, the price of the Aster (ASTER) decreased as it is approaching an important support level with reduced market activity and poor momentum. The ASTER tokenOn Sunday, the price of the Aster (ASTER) decreased as it is approaching an important support level with reduced market activity and poor momentum. The ASTER token

ASTER Nears Key Support: Rebound to $0.98 or Drop Toward $0.35?

On Sunday, the price of the Aster (ASTER) decreased as it is approaching an important support level with reduced market activity and poor momentum. The ASTER token is currently trading at $0.6383.

The trading volumes have declined by 40.15% to $114.25 million, and the current week’s performance indicates a loss of 10.57%. Since it fluctuates around a crucial price level, the focus is on liquidity. The loss for the current trading day is 3.82%.

Source: CoinMarketCap

ASTER Retests Support as Analysts Turn Cautious

Analyst Crypto Peak highlighted that ASTER is currently retesting the support region at $0.63. The price may bounce back and reach the region around $0.66 – $0.68. The price may drop even further and reach the region at around $0.61 – $0.62, which investors consider a critical downside area.

Source: X

Crypto analyst Vuori Trading mentioned that ASTER has been able to meet a target following a falling wedge chart. The token is currently trying to hold onto a 0.764 fib level at $0.63. 

Maintaining this level should enable it to reach a target at $0.98. However, if it fails to hold this level, it should be able to reach a target at $0.35.

Source: X

Also Read: JASMY Shows Historical Breakout Pattern That Could Lead to 14x–19x Gains

Open Interest Drops as Liquidations Rise

According to CoinGlass data, the trading volume was down by 45.13%, recording $328.99 million. The Open Interest was down by 6.90%, recording $323.70 million. The OI Weighted Funding Rate currently sits at 0.0043%.

Source: CoinGlass

The total amount of ASTER liquidations within the past 24 hours is $847.98K. The amount of long liquidations is $787.89K, whereas short liquidations amount to $60.10K.

Source: CoinGlass

RSI and MACD Show No Signs of Trend Reversal

The Relative Strength Index (RSI) level is 40.53, and the RSI signal line comes in at 39.10. The RSI level stays below the midpoint of 50, indicating limited buying strength.

The Moving Average Convergence Divergence (MACD) line is -0.001, while the signal line is -0.037. The histogram is also printing -0.037. All values indicate a strong negative trend with no reversal signals.

Source: TradingView

The price action of ASTER continues to be close to a crucial support area. The focus of the market participants is on the response area to determine the next direction of the price action. The focus will remain on the liquidity profile and the momentum indicators for active traders.

Also Read: ASTER Holds $0.60 Zone as Analysts Target a Break Above $1

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