- ASTR has formed higher highs and higher lows recently which indicates that it has entered an uptrend.
- Indicators are providing a buy signal for the token.
- A rounding bottom pattern can be considered as a base for the token’s bull run ahead.
The technical analysts may have observed token forming a rounding bottom pattern on daily chart. A bullish move is usually seen after this pattern and the same can be expected at this point too. Moreover, the levels at which token is currently trading is one of its key resistance. Therefore, if the token crosses this resistance along with rounding bottom pattern breakout, investors may observe a strong bull move.
What’s next as coin reaches resistance?
On daily chart, investors might have previously noticed a significant downfall in prices of token. After this huge downfall, token for several months traded around its support levels and then finally from January 20, 2023, it started rising slowly and steadily. On the way, 50 EMA (blue line) also crossed 200 EMA (green line) from below which resulted in a Golden Crossover. This crossover can also be regarded as one of the reasons for recent price increase in ASTR.
MACD indicator displays a bullish crossover. This bullish crossover implies that bulls have outnumbered bears and that they may now drive the prices higher. On other hand, RSI curve is trading at 78.39 which is over its 50-point level. The RSI curve’s value may rise further more once token price increases.
Overall, both the indicators, that is, MACD and RSI are delivering a buy signal to investors.
Is short-term chart similar to daily chart?
The short-term chart of ASTR displays a similar price movement to that of its daily chart. ASTR can now be seen consolidating in a zone after a big bull rally. If it breaks this consolidation zone on upside, investors may see the token continuing its bull rally. Moreover, a Golden Crossover has also occurred on short-term chart. This crossover may drive the prices even higher in near future.
Conclusion
Investors must have drawn the conclusion that token may be seen consolidating at current price level for sometime and then may again resume its bull rally. Moreover, investors might have taken Golden Crossover on the charts as a positive confirmation to token’s bull run ahead.
Technical Levels
Resistance levels – $0.1226 and $0.1719
Support levels – $0.0511 and $0.0365
Disclaimer: The views and opinions stated by an author, or any people named in this article, are for informational purposes only, and may not establish financial, investment, or any other financial advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/19/astr-technical-analysis-will-token-continue-bull-run-in-future/