Aster, Telcoin top losers amid sharp crypto downturn

• Aster (ASTER) and Telcoin (TEL) are the altcoins with the sharpest dips over the last 24 hours.
• The broader cryptocurrency market shows weakness amid Bitcoin’s price dip.
• Top altcoins are down as investor jitters pile up.

Aster price fell sharply as the token joined the likes of Telcoin in posting double-digit losses over the past 24 hours.

This came as Ethereum, XRP and Solana led top altcoins in shedding gains after Bitcoin (BTC) dropped to below $86,000.

ASTER and TEL risk further losses as selling pressure mounts, particularly as BTC trades negative despite a slight bounce above $86,000.

The risk-off sentiment taking over the market does not bode well for the altcoins.

Aster dips 12% as bulls lose key support

Aster extends the losses for the third consecutive day, dropping below the $0.80 mark.

At the time of writing, ASTER is down more than 12%, with a break below $0.77 potentially opening the door to a deeper slide toward $0.54.

Momentum indicators underline the cautious setup. On the four-hour chart, the Relative Strength Index (RSI) has moved into oversold territory.

While that can signal a possible reversal as selling pressure fades, it also leaves room for further capitulation before any sustained rebound takes hold.

Also, the Moving Average Convergence Divergence (MACD) indicator remains firmly negative.

A recent bearish crossover confirms the dominance of a negative outlook amid broader market dynamics.

What could bolster ASTER bulls?

Like many new coins, Aster is seeing huge profit-taking deals.

The decentralized perpetual exchange nonetheless has recorded key developments that could bolster investor confidence.

One of these is Aster’s announcement of Shield Mode, a protected trading mode that the DEX plans to integrate into its perpetuals platform.

The feature allows for private position opening and management, among other key offerings.

“Shield Mode is for traders who want performance without broadcasting their next move—a protected execution mode today and an early building block for the privacy features we’re exploring with Aster Chain,” the team posted on X.

Telcoin price risks further losses

Telcoin is down 12.7% at press time on Tuesday.

As seen in the chart below, the altcoin’s price is extending recent losses amid overall crypto weakness.

The TEL token is down for a sixth straight day, having flipped negative as Bitcoin slumped below $90k.

Amid the ongoing wider market correction, TEL price has lost 25% in the past week and broken below its September support at $0.0040.

If this psychological support level falls, Telcoin could drop to $0.0027 and likely retest support at November 2024 lows of $0.0014.

The daily chart shows that the token’s bearish momentum is gaining pace. A downsloping RSI and MACD that recently printed a bearish crossover add to this outlook.