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Aster price tanks 20% as sell-off pressure hits altcoins – Crypto News

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9 months ago

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  • Aster price fell 20% to near $1 as sell-off pressure hit altcoins
  • The altcoin touched its all-time high of $2.42 in September, but has declined amid broader selling.
  • Altcoins are dumping as Bitcoin slips to under $106,000.

Aster (ASTER)’s parabolic gains in recent weeks are quickly fading in the rearview mirror as cryptocurrencies plummet.

The decentralized exchange’s governance token fell nearly 20% to inch closer to the $1 support level, with bulls succumbing to broader sell-off dynamics.

Aster has erased significant gains, and broader risks could see bears take control.

Aster price extends decline amid 20% dip

With crypto in red early Friday, Aster’s price plunged  20% to hit lows of $1.08 across major exchanges and trading platforms. 

Having changed hands above $1.36, the double-digit declines over the past 24 hours meant ASTER ranked among the top losers alongside Zcash, Mantle, SPX6900 and Morpho. 

Aster’s sharp downturn extends a multi-day decline since bulls failed to hold onto gains near $1.60.

The token had surged to the mark after bouncing off lows seen during the crypto crash on October 10.

In the past week, Aster’s price has fallen more than 32%, as profit-taking and broader macroeconomic pressures weighed on sentiment.

The next-generation decentralized perpetuals and spot exchange, built on the BNB Chain, had previously drawn significant attention from investors and traders alike.

Aster’s rapid rise had been bolstered by recent listings on major platforms such as Robinhood and Binance, which helped fuel earlier momentum.

However, the euphoria looks to be dissipating as sell-off pressure across cryptocurrencies mounts.

Bitcoin dipped below $105,000  early Friday. As bears touched lows of $104,597 after a 4% drop in the last 24 hours, top altcoins plummeted. 

Ethereum, Solana and XRP all dipped to or below key support levels, intensifying the bloodbath.

What next as Aster revisits $1 level?

Currently, Aster’s price flirts with the $1 psychological threshold.

This is a key level that bulls have to defend to avoid giving up further ground.

Prices, as the chart below shows, have recently consolidated above the critical mark.

ASTER price chart by TradingView

However, the sharp decline and breakdown from a descending triangle pattern mean bulls are at risk of more pain.

The token’s all-time high of $2.42 on September 24 is well off.

Nonetheless, technical indicators such as the Relative Strength Index (RSI) on the daily put ASTER in oversold territory.

What this suggests is that exhausted selling could allow bulls to target a rebound. 

Any downward pressure could nonetheless see the support at $1.00 collapse.

Data from Coinglass shows a sharp decline in open interest for Aster, now at $477 million.

Bullish positions have borne the brunt of the correction, with long liquidations accounting for nearly 90% of total liquidations — more than $10 million out of $12 million in the past 24 hours.

Short positions made up just $1.73 million of the total.

For bulls, a decisive breakout above $1 remains critical to regain momentum.

Conversely, sustained selling pressure below $0.85 would likely hand control to the bears.

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