ASTER Nears $0.658 Resistance as Analysts Eye a Move Toward $1

On Tuesday, January 27, ASTER is trading at $0.6544 after a 5.93% price increase in a day. The daily trading volume also rose by 6.93% to $148.31 million. Over the last week, the price of the token rose by 7.67% as it headed toward a key resistance level.

Source: CoinMarketCap

ASTER Nears Major Resistance Zone

Analyst Umair Crypto highlighted that the price of the token is now approaching the resistance area around $0.658. He pointed out that the daily RSI is now attempting to recover the 50 level for the first time in the recent sessions. The increase in the token’s trading volume also gives more importance to the current price region.

Umair pointed out that if the token is able to break the resistance at the current price region around $0.658, with the RSI also holding above the 50 level, the token can now head towards the next SR zone, which is around $1. 

Source: X

The token is also facing some friction in the CISD area and the $0.882 price region. If the token is able to break these areas, the price can head towards the psychological price of $1.

Umair also pointed out that if the price of the token is rejected at the current price region, the token could head towards the liquidity area around $0.525 before any positive movement can be observed.

Focus Shifts to the $0.70–$0.72 Range

Moreover, another analyst, 0xWhale, mentioned that ASTER still seems to be attracted to the $0.70-$0.72 price range. The analyst explained that this price range had witnessed aggressive selling in the past, which had resulted in significant price imbalances. The price imbalances had developed as the price fell sharply.

Also Read: ASTER Holds $0.597 Support as Traders Eye Potential Bullish Rebound

0xWhale further explained that whales have not shown any signs of accumulation at this time. The price increase is due to retail investors and market sentiments. The price is increasing despite the lack of any bullish confirmation signs.

Moreover, 0xWhale explained that retesting the $0.70-$0.72 price range is likely to occur. the price movements will determine whether ASTER will rise higher or experience another rejection. The market’s response to the price retesting the $0.70-$0.72 price range is crucial.

Source: X

On the 1-hour chart, ASTER is currently changing hands at $0.66. The cumulative volume delta is showing consistently negative readings. The price of ASTER is currently trading in a region that could determine the future price momentum.

Also Read: Bitcoin Price Drops Under $90K Following 16,300 BTC in ETF Outflows