TLDR
- Aster token jumped 16% in 24 hours to reach $1.62
- Strong inflows continue despite broader market weakness
- Technical indicators show mixed signals with CMF positive but MACD cautious
- Price currently consolidating between $1.58 and $1.71 support/resistance
- Backed by Yzi Labs and publicly endorsed by former Binance CEO Changpeng Zhao
Aster, the native token of the decentralized perpetual exchange, has captured investor attention with a sharp 16% price increase over the past 24 hours. The token now trades at $1.62, showing remarkable strength in an otherwise directionless crypto market.
The sudden surge comes as a bright spot during a period when most cryptocurrencies are experiencing declines. This price movement suggests that supportive buyers are actively stepping in to sustain momentum for the ASTER token.
What makes this price action particularly noteworthy is that it occurs against the backdrop of broader market weakness. While many tokens struggle to maintain their value, Aster demonstrates resilience with consistent buying pressure.
The Chaikin Money Flow (CMF) indicator highlights that Aster continues to record strong inflows even as the wider market shows uncertainty. This sustained demand suggests that investors remain confident in the token’s potential, regardless of short-term market volatility.
This investor conviction could prove pivotal for Aster’s price trajectory. Consistent inflows often translate into price stability and, in this case, resilience against wider bearish pressures affecting the crypto market.
Technical Indicators Show Mixed Signals
While inflows provide optimism, technical indicators like the Moving Average Convergence Divergence (MACD) paint a more cautious picture. The MACD shows limited support for a bullish continuation, with rapid shifts on the hourly chart highlighting market uncertainty.
This directionless behavior suggests that while Aster benefits from strong backing, it remains vulnerable to external market conditions. Any sustained bearish market pressure could offset inflows, leaving the altcoin exposed to potential declines.
At the time of writing, Aster holds firm above its $1.58 support level. For now, the altcoin is likely to remain rangebound between $1.58 and $1.71 as it consolidates recent gains.
If the broader market turns favorable, Aster could breach the $1.71 resistance and move toward $1.87. Such momentum would bring the altcoin closer to retesting its all-time high of $1.99, a milestone last seen during peak bullish phases.
However, downside risks remain present. A break below $1.58 would signal weakening demand, potentially driving Aster down to $1.48. This scenario would invalidate the current bullish outlook, highlighting the importance of maintaining strong market support.
Project Background and Recent Performance
ASTER officially launched last week and immediately made waves across the crypto market. Backed by Yzi Labs (formerly Binance Labs) and carrying the public endorsement of former Binance CEO Changpeng “CZ” Zhao, the token quickly drew massive attention from traders and investors.
Upon launch, ASTER surged to nearly $1.94, sparking excitement around its potential to rival leading decentralized derivatives platforms. However, the enthusiasm was quickly tested as the token dropped 33% to lows of $1.33 within days.
Despite this sharp correction, ASTER has since stabilized and recovered, showing early signs of resilience in a volatile market environment.
Top analyst Big Cheds recently shared a technical perspective on Aster, pointing to a bullish signal forming on the 1-hour chart. According to his view, ASTER printed a hammer candle with notable volume at the lower Bollinger Band breach, near the 50-period simple moving average (SMA).
This type of setup often suggests strong accumulation at support levels and can serve as a precursor to a rebound. For traders, the combination of a lower BB breach and hammer formation indicates potential exhaustion of selling pressure.
The chart shows that ASTER is consolidating just under the 50-period SMA, currently near $1.51. This moving average has acted as both resistance and guidance for short-term momentum, meaning a decisive break above could trigger renewed upside momentum.
At present, ASTER trades at $1.62, up 16% in the last 24 hours, with trading volume also seeing a corresponding increase.
The post Aster (ASTER) Price: 16% Surge in 24 Hours as Buyers Step In appeared first on Blockonomi.
Source: https://blockonomi.com/aster-aster-price-16-surge-in-24-hours-as-buyers-step-in/