ASTER Breaks Higher After Consolidation, Targets $0.91
Aster rallied more than 16% on February 08, continuing its strong recovery after a prolonged period of sideways trading, as technical charts indicated a possible shift in market sentiment.
According to TradingView data, ASTER was trading close to $0.628 during the latest trading session, with 24-hour volume exceeding $414 million.
ASTER Rallies After Prolonged $0.40–$0.50 Range
The rally puts token among the top performers of the day among mid-cap tokens, as it attracts the attention of short-term traders and technical analysts. The rally comes after a prolonged period of consolidation between $0.40 and $0.50, which previously served as a demand zone during a weak market.
According to crypto analyst Crypto Patel’s post, ASTER has already seen a nearly 40% increase from the levels of accumulation during the range-bound action, indicating that the buyers who accumulated during the range-bound action are now leading the charge higher.
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ASTER Indicates Bullish Divergence
Technically speaking, the 12-hour chart of ASTER/USDT on Binance indicates a bullish divergence in the making, as the Relative Strength Index (RSI) has established higher lows while the price has established lower lows in the past. This is typically a sign of waning selling pressure and the beginning of a trend reversal.
ASTER is also approaching its short-term exponential moving averages, making a breakout above the trendline that suppressed price action in January more likely. Analysts are now waiting to see if the token can sustain above the former resistance area.
Bullish momentum will likely target the next significant level at the 0.618 Fibonacci retracement at $0.91, which saw intense selling pressure in the past. On the flip side, a break below $0.49 would likely nullify the current bullish setup.
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