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Aster Price Prediction: Why ASTER Could Rally to $2 Soon

Highlights:

  • Aster is making higher lows in a bullish channel
  • Rally could see Aster hit $2 short-term
  • Clarification of the unlocks issue is likely to drive upside momentum

Aster (ASTER) is in the green on a day that most cryptocurrencies are still in the red. At the time of going to press, ASTER was trading at $1.23, an increase of 3.08% in the day. While it is not a significant gain in the cryptocurrency market, it points to strong underlying momentum at a time when the broader market is weak. Aster’s trading volumes are also on the rise during the day. 

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They have shot up by 160.81% in the day to stand at $1.11 billion. Such a surge in trading volumes when the price is going up is an indicator that bullish sentiment is building up. Investors may be expecting Aster to be among the cryptocurrencies likely to deliver superior returns in the short to medium term. There are a couple of factors why optimism is growing around ASTER intraday. 

Aster Team Excites Market After Clarifying Token Unlock Issue

One of them is the fact that the ASTER team has clarified a miscommunication that had come up regarding token unlocks. Recently, CoinMarketCap pointed to delays in token unlocks that could see some unlocks delayed up to 2035. However, the team has noted that all unlocks will happen as scheduled. The Aster team noted that the problem was due to data trackers such as CoinMarketCap reporting on unreleased but unlocked cryptocurrency tokens.

To enhance clarity around token unlocks, the Aster team went ahead and put all upcoming unlocks into a public wallet. This puts all players on the same information page and eliminates any fears around sudden and unexpected unlocks affecting the tokenomics. This has reignited investor confidence in Aster, and the same is reflected in its intraday price action. Investors are likely to focus more on other, more bullish aspects of Aster going into the future. 

Whale Purchases Likely to Drive ASTER Momentum Higher

One of them is the fact that Aster is gaining adoption by strategic market players. Recently, CZ, the founder of Binance, announced that he had bought $2 million worth of ASTER. This is a big deal given that CZ is one of the most influential figures in the cryptocurrency market. 

As such, now that he has decided to buy, his influence could see both retail and institutional money flow into Aster going into the foreseeable future. Already, several whales have started pushing capital into Aster since his move. One such whale recently loaded up $8 million worth of Aster. Such large buys could trigger FOMO that could trigger a parabolic price run, and send ASTER to new all-time highs in the foreseeable future.

ASTER Could Rally to $2 as Trading Competition Boosts Price Momentum

The Aster team is also taking steps to drive up trading volumes, which could impact price dynamics long term. They have recently announced a $10 million trading competition that will run for 5 weeks. The competition is aimed at pushing up perpetual trading volumes.

Market analysts believe that, besides the short-term volume spikes, this competition could trigger an increase in demand for Aster perpetual futures. The result is that ASTER’s demand could rise over time and push the price to new highs.

Technical Analysis – ASTER Making Higher Lows In a Bullish Channel

Aster is currently in an intraday bull trend and is making higher lows. This is an indicator that every slight dip in the price is being bought up. If bulls sustain momentum, the key level to watch would be the intraday high of $1.30.

ASTER
Source: TradingView

A rally through this resistance could see ASTER hit $2 in the short term. On the other hand, if bulls lose momentum, the key level to watch would be the $1.19 intraday support. A breach of this support could see ASTER drop to $1 short-term.

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