The post Aster Price Dips Below $1.09, Can Bulls Defend $1.02 Support Zone? appeared first on Coinpedia Fintech News
Aster’s sharp descent this week has been an eyesore, especially after such a massive rally since August. In less than a month, the token crumbled 44%, painting a stark contrast to its previous 1,108% climb. If you’re like most traders, you’re probably wrestling with the market’s uneasy mix of buyback skepticism and fast-shifting macro winds.
The recent selloff was triggered by multiple events converging all at once. Doubts churning around Aster’s latest buyback plan sparked anxiety about future token supply dynamics. Meanwhile, risk-off sentiment ahead of the FOMC meeting nudged even loyal bulls to reassess their positions. Moreover, technical signals only amplified the caution.
Aster Price Analysis
From a technical standpoint, Aster’s price is currently hovering near $1.02, which marks the critical 0.236 Fibonacci retracement level. After shattering the $1.09 support, bears have firmly seized control. This is confirmed by the oversold 12-hour RSI reading at 33.06.
This persistent bearish tone is also echoed by the MACD histogram, which just flipped negative, signaling softening momentum. For traders watching support lines, $1.02 is now the battleground. If the price dips further and closes below $1.04, we could see accelerated liquidations. Especially since a whopping 77% of Binance positions are leveraged long.
The Aster price chart highlights just how unstable things are. While a close above $1.09 could potentially invalidate the bearish structure. The move higher is cluttered with resistance levels, notably the 30-day SMA sitting up at $1.42. On the downside, if Aster lose its grip on the $1.02 level, eyes will shift to the next support at $0.937 and, if panic sets in, as low as $0.644.
FAQs
Aster’s price declined due to skepticism over its buyback plan, a technical breakdown below key support, and risk aversion ahead of the FOMC meeting.
Recovery hinges on reclaiming $1.09, a daily close above this level could shift sentiment. However, resistance at $1.42 remains challenging.
With 77% of positions still long, a drop below $1.04 could trigger forced liquidations, increasing volatility and deepening the selloff.