Key Takeaways
Is Aster comparable to Hyperliquid?
The two are among the most popular decentralized exchanges, with Hyperliquid offering low fees, speed, and security, and Aster offering high leverage and deep liquidity.
What is the price prediction for ASTER?
In the coming days, a rally to $3.46 may be feasible, with a buying opportunity on the horizon too.
At the time of writing, DeFiLlama data showed that the decentralized exchange Aster [ASTER] had overtaken Hyperliquid [HYPE] in terms of 24-hour DEX volume. In fact, Aster’s 24-hour trading volume was $669.37 million, comparing favorably to Hyperliquid’s figures of $514.16 million.
Much has been made about how ASTER can replicate the kind of gains that Binance Coin [BNB] made in the previous market cycle. Denizens on Crypto Twitter (CT) have been understandably excited.
A protocol championed by the determined Changpeng Zhao, co-founder and former CEO of Binance, can simply not go wrong. And, this may just be the start. Or at least that is the consensus of the bullish side of ASTER on CT so far.
According to crypto analyst Miles Deutscher, with ASTER experiencing a healthy retracement, there could be a buying opportunity in the works. Whale traders have joined the party too, with one whale sitting on $6 million in unrealized profits.
What is the next price trend for ASTER?
Source: ASTER/USDT
The 1-hour chart revealed a fair value gap (FVG, cyan box) that reached from $1.45-$1.6. At press time, the price seemed to be retesting this area as a resistance zone. If the bulls can flip it to support, a recovery towards $1.99 and higher would be likely.
The Fibonacci extension levels outlined the $2.9 and $3.46-levels as the next price targets beyond $1.99.
If the retracement resumes from the highlighted FVG, the $1.26 and $1.08-levels would be the next supports that traders should watch out for.
The CMF also dropped below -0.05 to reflect a hike in selling pressure. The RSI on the hourly chart seemed to be retesting the neutral 50-line as resistance too, showcasing a bearish momentum shift.
While this covered the short-term price prediction, in the long run, it may be impossible to say how high ASTER can go. Traders could use moving averages or other trend-following indicators to help them formulate their trades.
Investors would be on the lookout for announcements and key metrics. These include Aster tokenomics and DEX volumes. Conviction will be vital for those hoping to make significant amounts of money.
The risk of this approach must be thoroughly understood before investing. One such risk comes from the concentrated ASTER supply in a few wallets.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion