- Aster sees a rise in price with a significant increase in trading volume, indicating positive sentiment.
- Despite a 1.58% gain, Aster has fallen 20.63% in the past week, signaling volatility in its market.
- A breakout above $1.29 is needed to confirm a trend reversal and gain additional bullish momentum.
Aster (ASTER) is currently trading at $1.21, with a gain of 1.58% in the last 24 hours. Trading volume has also increased tremendously by 18.6%, and it is now at $591.66 million. This indicates an optimistic market sentiment in the short term.
Source: CoinMarketCap
However, with this recent increase, the price of ASTER has shown a major decrease of 20.63% over the past week. This decline indicates a difficult week for the coin, despite the strong and optimistic trading activity.
Aster Tests Key Resistance as Bulls Eye a Breakout
Crypto analyst Altcoin Ardi highlighted that the price has been testing the critical level of $1.25 resistance. The price has tightened between $1.11 and $1.23, which forms a significant battlefield for bulls and bears.
This narrow price band is a sign of uncertainty in the market. The trend is shifting gradually towards the bulls as the price shapes up to higher lows since it fell to $1.02. This formation forms an ascending triangle, which is a bullish trend that may result in a breakout.
Source: X
Aster should close above $1.29 to confirm a trend reversal. Any obvious break beyond this point would indicate a change in the market structure. But anything less than $1.29 continues Aster in the larger downtrend. Price will have to clearly break through the resistance to attain additional bullish momentum.
Also Read: XRP Builds Strong Momentum, Eyes Bullish $2.80 Breakout Soon
Traders are closely monitoring the support level at $1.11. Any decline below this would nullify the existing bullish order. It would imply that the bears regained their control and could move the price down. Aster is likely to move in a range without any decisive breakout either above $1.29 or below $1.11.
RSI and MACD Point to Potential Shifts in Aster’s Momentum
Aster has a Relative Strength Index (RSI) of 52.66, which represents a neutral market. The RSI shows no clear dominance of buyers and sellers. This is a neutral situation, indicating that there is no overbought nor oversold sentiment in the market with regard to Aster.
Source: TradingView
The MACD has a minor bullish bias where the MACD line is at 0.009522 and the signal line is at 0.009435. Such a gap suggests the possibility of an upward movement. A wider spread would offer greater support of bullish movement. In the meantime, traders are advised to remain vigilant on any momentum shifts.
Trading Volume Rises While Open Interest Drops
CoinGlass data shows that trading volumes have increased by 8.91% to 1.62 billion. However, Open Interest has dropped by 2.53% and currently stands at $476.54 million. The OI-Weighted Funding Rate of cryptocurrency is 0.0041%, which represents a neutral position in the futures market. The indicators suggest a robust interest in Aster, yet the overall market sentiment remains fairly neutral.
Source: CoinGlass
Also Read: Chainlink (LINK) Eyes $20 Breakout as Momentum Builds Across Markets
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