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Aster Price Prediction: ASTER Rallies 12% in a Week as Bulls Target $1.29 Resistance Soon

Highlights:

  • The Aster price rebounds above $1, as bulls target $1.29 resistance.
  • Aster’s utility at 80% collateral may lead to more bullish trades in the perpetuals market.
  • CoinGlass data shows a drop in volume and open interest, indicating a bearish outlook.

The Aster price is showing a promising outlook, trading at $1.04. The daily trading volume has slipped 24% indicating a drop in market activity. Aster, a perp-oriented Decentralized Exchange (DEX), announced that it expanded the use of its native token, ASTER, as collateral at an 80% loan-to-value ratio. A positive change in traders’ sentiment will be observed with leverage offered on the Aster perpetual. 

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This implementation is crucial for enhancing capital efficiency, enabling traders to use capital in the form of $ASTER tokens. This is not only as collateral but also to pay trading fees at a lower rate of 5%. These capabilities align with Aster’s objectives of growing its user base and trading on the DeFi platform.

ASTER Derivatives Market Outlook

According to CoinGlass statistics, the ASTER futures Open Interest (OI) has slipped by 3.03% over the past 24 hours, suggesting that shorts have accumulated. Notably, its volume has decreased by 32% to $2.49 billion, showing reduced market activity. Aster has also been doing well on the long-to-short ratio. Currently at 0.95, indicating a better-balanced market sentiment with a minor inclination towards long positions.

Aster Derivatives Data: Coinglass

On the other hand, the OI-weighted funding rate has increased to -0.0100% from -0.0423% earlier in the day. This suggests a negative change in traders’ sentiment toward paying a premium on bearish positions. 

Aster OI-Weighted Funding Rate: Coinglass

What Is Next for Aster Price?

The chart shows the Aster price establishing strong support at $1.00 as the bulls attempt a recovery towards higher levels. Today, the bulls are showing their strength as the crypto market attempts to rebound. 

The price smashed through the upper resistance at 1.00 and flipped it into support. The 50-day Simple Moving Average (SMA) at $1.00 is trending upward. However, the 200-day SMA (blue line) at $1.29 is cushioning the bulls against further upside. 

Aster price
ASTER/USD 4-hour chart: TradingView

Zooming in, the Relative Strength Index (RSI) sits at 51.54, neutral territory but still showing some room to run. The Moving Average Convergence Divergence (MACD) is also bullish, with the MACD line (blue) above the signal line, suggesting further upside momentum. If the Aster price holds above $1.29, there could be a push toward $1.50, with a test of $1.80 if the bulls keep pushing. However, if it dips, the $1.00 support is the line in the sand.  Should ASTER fail to hold above that, there might be a slide back to $0.82.

The 50 SMA at $1.00 aligns perfectly with the current price, acting like a floor if the price suddenly crashes. The 12% weekly pump indicates that the Aster price is gaining momentum and potential, but traders should tread carefully. In the short term, the FORM price could push above $1.29 resistance within the next few days, with a stretch goal of $1.50 if volume spikes. Long-term, if this trend holds, ASTER could reach $1.80 by the end of November, but it’s all about the support levels holding.

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