- $ASTER broke above its falling wedge pattern at $1.15, projecting a potential upside toward $2.80 amid rising trading volume.
- Daily buybacks of $ASTER totaling $3 million reduce circulating supply, strengthening the asset’s long-term bullish outlook for investors.
- Technical indicators show the Money Flow Index crossing above 50, signaling increased buying momentum toward $1.50 levels.
$ASTER is drawing attention following a confirmed breakout from a prolonged consolidation pattern. The recent price movement signals potential bullish momentum in the market. Traders are closely watching the asset after weeks of sideways action.
Falling Wedge Breakout Suggests Potential Upside
$ASTER has formed a falling wedge, a common technical pattern that often precedes trend reversals. The asset experienced lower highs and lower lows before breaking above the upper boundary.
Analysts identify the breakout level near $1.15, now acting as immediate support.The potential price target for this movement is projected around $2.80, based on the wedge’s maximum height from the breakout point.
If $ASTER holds $1.15,it could test $1.50 and $2.00 before surging higher ,however a drop below the breakout trendline would however lead to a retest of support around $0.85.
Market Sentiment and Long-Term Conviction
Crypto trader Maison Ghost disclosed about holding a full $ASTER position, emphasizing long-term conviction. Purchases in the $1–$1.10 range reflect confidence in the asset’s potential.
$ASTER benefits from backing by YZ Ilabs, which supports major platforms like BNBCHAIN and Binance, distinguishing it from typical DEX projects.The team is actively developing the platform, with continuous updates and improvements.
Ghost highlighted daily buybacks of around $3 million worth of $ASTER, indicating a shrinking supply. Future token burns could further reduce circulation, which traders are closely tracking.
Daily technicals show the Money Flow Index crossing above the 50 line, suggesting buying interest. Analysts anticipate that if support holds on lower timeframes, $ASTER may push toward $1.50 before encountering distribution.
Contrarian Positions and Market Movements
Despite bullish setups, some large traders are taking contrarian positions. A noted account recently opened a short on $ASTER, leveraging 3x with unrealized profits of over $4 million.
The entry price was $1.2083, while the current price is around $1.1146.The account’s liquidation price sits at $2.4796, providing ample safety margin for market fluctuations.
Funding costs for maintaining the position suggest a market skew toward bullish sentiment. Analysts note that such trades may act as short-term hedges against rapid price rallies.
Market observers are watching $ASTER closely, balancing bullish technicals with strategic short positions. Trading activity continues to reflect a mixture of conviction and caution among large market participants.
