All about ASTER’s Coinbase debut – A breakout rally ahead?

Key Takeaways

How is Aster positioned ahead of its Coinbase listing? 

Aster is showing strong bullish momentum with rising funding rates, short liquidations, and technical support near $1.23.

What impact could the Coinbase listing have on ASTER’s price action?

The listing could boost spot demand and trigger a breakout if bullish sentiment and long positions continue to build.

Aster [ASTER] is scheduled to begin spot trading on Coinbase on the 20th of November, following a month of activity on major exchanges such as OKX.

According to Coinbase’s latest announcement, the ASTER-USD trading pair will go live at or after 9 AM PT, contingent on meeting liquidity requirements.

This listing gives Aster access to a broader base of U.S. traders, and market activity has already started to pick up ahead of the official launch.

Coinbase listing arrives as the token’s derivatives turn bullish

According to AMBCrypto’s analysis of Coinalyze data, Aster’s trading sentiment has been heating up over the last 24 hours.

At press time, the token’s Funding Rate data indicated a 0.015% daily surge. The small margin surge signals an increasing preference for long positions as traders position themselves for potential volatility once the pair opens.

Source: Coinalyze

At the same time, Aster’s net short liquidations have exceeded 15K as rising prices squeeze out bearish traders.

The increased bull dominance could emulate the previous occurrences and push token prices further up, especially when paired with the surging funding rates.

Source: Coinalyze

Technicals also complement the bullish on-chain indicators

On the daily chart, Aster prices are testing a key demand zone at around $1.23 after a short correction from its all-time high.

The demand zone confluences with an ascending trendline support, further affirming the bullish bias.

That’s not all, the token price was still trading above the 20-day Exponential Moving Average at press time. Paired with the anticipated increased volatility from the US market, Aster could be in for a rally to hit a new all-time high.

Source: TradingView

What’s next for Aster?

The timing of the Coinbase listing may amplify ASTER’s ongoing market strength. New liquidity from U.S. retail and institutional participants could increase spot demand, particularly in the first hours following the listing.

Also, with the token’s surging shorts positions, liquidations, and Funding Rates climbing, an influx of new buyers may add to the bullish pressure. The turn of events could potentially trigger more forced exits for bears.

If ASTER attracts the typical “listing liquidity wave” seen with prior Coinbase listings, the token may attempt a breakout, especially if derivative traders continue piling into long positions.