What to know:
- ASTER fails at $0.80 resistance again as price hovers near key support levels
- Volume drops 35% while derivatives data shows weakening market participation
- RSI below 50 and price under EMAs signal continued bearish market pressure
ASTER is currently trading near support levels on Thursday after failing to break through a significant resistance level that has been in place since December. This has raised alarm regarding the price as momentum dries up in the market.
According to CoinMarketCap, the token is trading at $0.6839 at press time. In the last 24 hours, the token has recorded a decline of 0.55%. The trading volume has declined sharply by 35.61% to $190.23 million. Over the past seven days, the token has recorded a loss of 2.81%.
ASTER Fails at $0.80 Resistance as Support at Risk
Crypto analyst Ardi highlighted that ASTER again failed to break through the $0.80 price level. The price level has been a macro pivot point over the past few months.
The price level has been tested several times after breakouts, but it has failed to gain traction. The failure to break through this price level is because of strong resistance at this point.
Ardi also noted that if the price had been able to break through this point, it would have been a confirmation of the macro inverse head-and-shoulders pattern. The price level of $0.40 would have been the cycle low. However, the failure to hold above resistance has weakened that setup.
Currently, ASTER is trading around the lower end of its previous consolidation range. This price is therefore immediate structural support. The next price support is seen at $0.60. A breakdown below support could increase selling pressure.
The analyst also mentioned that traders who entered the market at levels above resistance are in loss. If support fails, traders who entered at levels above resistance could exit the market. This could result in a sharp downside move in the market.
Also Read: Injective (INJ) Eyes $3.25 Resistance After Powerful $178K Token Burn
Volume and Open Interest Drop
CoinGlass data shows a decline in derivatives activity. The future volume is down by 47.56% to $470.30 million. The open interest also declined by 1.93% to $400.09 million. The OI-weighted funding rate is at 0.0024%.
RSI Weak as Price Stays Below Key EMAs
The Relative Strength Index (RSI) is at 45.54. The moving average of the RSI has been recorded at 53.05. The indicator has continued to remain below the neutral level of 50. This shows weak momentum, as well as low buying strength, in the latest sessions.
The 20-day EMA has been positioned at $0.706. The 50-day EMA has been recorded at $0.703. These levels have continued to remain above the current price.
The 100-day EMA is at $0.775. The current price has continued to remain below the 100-day EMA. This reflects a broader bearish structure in the market.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: ASTER Price Prediction: Could $0.80 Breakout Push The ASTER Toward $0.90?
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