Is ASTR Token About To Crash & Reach Lower Levels?

Astar crypto extended its move southwards on Monday, slumping near the weekly lows. The crypto started the week in red and was hovering near $0.158 reporting a negative development of 2.6% at the time of writing.

Moreover, the daily chart shows that the crypto has been in a free fall in the last couple of weeks and has closed in the red for most of the sessions. The recent fall has dragged the price below the 20 and 50-Day EMAs indicating the initiation of a short-term correction phase. 

On the lower side, the $0.15 level may act as the recent support zone and try to halt the further downward momentum in the price. Fresh downside movies may be observed if the crypto breaks below the $0.15 level. It may drag the price to the lower support levels of $0.13 and $0.11 level. 

Now, for the buyers to regain control over the trend, the price needs to consolidate at the lower levels and surpass the 50-Day EMA on the higher side. Earlier, the crypto reversed its course near the $0.05 level and turned bullish in October 2023. The price then surged higher taking support from the 20 and 50-Day EMAs, thus gaining nearly 300% by January 2024.

Since then, the crypto has been giving confirmed signs of weakness as the price plunged from a key supply level of around $0.20000 on the chart. Now it seems like the ASTR/USD crypto is close to a huge drop, as it reaches the resistance level and aims to fall to new depths from the current supply zone.

Will ASTR Crypto Plunge Soon?

Furthermore, the Astar crypto asset is showing strong bearish signs as MACD shows a bearish cross with a strong histogram. The MACD line is at -0.0030020, the signal line is at -0.0012711, and the histogram is at -0.001732.

The RSI is below the 50 level at 43 and has taken strong rejection from the 14 SMA, indicating that the ASTR/USD asset is still in a bearish zone and could go lower until it reaches the extreme oversold territory.

In addition, the asset is displaying bearish characteristics and could fall further in the coming sessions. It has shown bad performance in the past week, and month by 5.55%, and 12.91% respectively, indicating a consistent downward trend.

At the time of publishing, the ASTAR Token is trading at $0.16289 with an intraday decline of 1.78%, with an average trading volume on all trading exchanges for the past 24 hours is 35.69 Million. Its market capitalization is 906.17 Million.

Therefore, if the ASTR/USD fails to hold on the the $0.15000 level, it could fall abruptly or could show a short-term correction in the process as well.

But, another possibility would be, that if Astor somehow succeeds in managing to hold on to the current level it could blast off to new levels by surpassing the supply region and could approach toward the new goal at $0.250000.

Summary

The price action shows that the price was in an uptrend earlier and in the last couple of sessions, ASTR/USD violated the uptrend. It could initiate a short-term correction in the upcoming sessions. The technical indicators are showing the same on the chart amid strong bearish signs.

Technical Levels

Support Levels: $0.15000

Resistance Levels: $0.25000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.