Aster is retracing its recent range highs, with the price turning down and trading below the resistance area that halted numerous prior breakout efforts. The tokenAster is retracing its recent range highs, with the price turning down and trading below the resistance area that halted numerous prior breakout efforts. The token

ASTER Falling Wedge Nears Completion, Targets $2.25 Breakout

Aster is retracing its recent range highs, with the price turning down and trading below the resistance area that halted numerous prior breakout efforts. The token is held down at critical key upper levels. The fall is experienced in poorer activity in the market and less involvement of the short-term traders.

As of press time, Aster is trading at $0.7412, down by 1.21% over the last 24 hours. The token has also gone down by 9.12% during the last 30 days. The trading volume has reduced by 26.56% to $273.93 million. 

Source: CoinMarketCap

Aster launched the perpetual futures trading on Jan. 14 with the help of Binance Wallet. The alternative enables the users to transact the on-chain, self-custodial perpetual contracts. It supports leverage up to 100x in the BNB Smart Chain. 

On-chain rewards were launched by Aster and Binance Wallet. The campaign offers up to 200,000 USDT of rewards. Aster points are exchanged via Binance Wallet. These factors apply to rewarding events, competitions, and incentive programs.

Aster’s Falling Wedge Reaches a Critical Technical Stage

Crypto analyst Jonathan Carter highlighted that the falling wedge pattern of Aster is approaching a critical point. He observed a steady consolidation of the descending resistance line. This is a zone that has discouraged earlier attempts at being bullish. 

He also put down the tendency to change the volume under a regular tightening of the structure. The wedge is nearly complete in his analysis. Carter established potential breakout points at $0.81, $0.91, $1.10, $1.40, $1.65, and $2.25. His targets reflect measures of escape that are usually related to this pattern.

Source: X

Also Read: Bitcoin Rally Continues with Changpeng Zhao (CZ) Predicting Bold $200,000 Price Target

RSI Holds Neutral and MACD Shows Mild Crossover

The RSI is 47.33, which is in the neutral range. It remains below the midline, meaning that buyers are not obtaining powerful control. The signal line at 44.18 indicates that the moving momentum has stagnated, but it is not increasing significantly.

The MACD line is 0.009, and this is just a bit higher than the signal line, which is -0.022. The trend builds a low bullish crossover, which is a signal of momentum. The histogram of 0.031 shows that purchasing pressure is weak and yet not mature.

Source: TradingView

Trading Volume and Open Interest Decline

CoinGlass data shows that trading volume is down by 31.27% to $588.13 million. The open interest fell by 1.08% to $461.92 million. The OI-weighted rate of the funding is at 0.0021%. These readings indicate the pulling out of the derivatives trading and diminished positioning by the traders.

Source: CoinGlass

The price is continuing to fall below resistance. The structure remains tight. The market is also keeping a watch on whether the low volume may continue through the process of consolidation or whether the low volume will continue its formation as the falling wedge formation during the consolidation before the condition changes to breakout.

Also Read: ASTER Could Rally 120% as Falling Wedge Indicates Strong Bullish Potential

Market Opportunity
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Aster (ASTER) Live Price Chart
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