ASTER Bulls Retreat: Can It Recover Before It’s Too Late?
On September 24, ASTER, the native cryptocurrency of the decentralized everlasting exchange, hit a record-breaking $2.43. Later on, though, it found it difficult to keep up its pace. The altcoin has since lost 25% of its value, and technical indicators suggest that more declines are possible. On-chain indicators show that the buying side’s demand is still poor. This raises the possibility that, should market sentiment not recover, the cryptocurrency may sustain larger losses.
ASTER’s Long/Short Ratio Signals Trouble: Is a Bigger Crash Ahead?
The altcoin’s long/short ratio has fallen steadily over the past few days, highlighting the growing negative bias among futures traders. As of this writing, ASTER’s long/short ratio is 0.92 and remains in a downtrend. ASTER’s long/short ratio confirms that shorts are dominating the market, with more traders positioning themselves for price declines than for a recovery. This could result in a further loss of confidence, which may push the altcoin’s value further downward.
The decreasing Accumulation/Distribution (A/D) Line of the token on the four-hour chart further supports the declining buying demand. This indicator tracks the relationship between an asset’s price and trading volume, highlighting whether traders are leaning toward accumulation or distribution. When it falls like this, it means investors have limited interest in holding the asset at higher price levels, putting ASTER at risk.
ASTER Price Analysis: Support, Resistance, and the Road to Recovery
As of the time of writing, ASTER is trading at $1.67, below the $1.7119 support floor. This price level can give way and allow for a steeper decline toward $1.4882 if demand continues to deteriorate. Its price may, however, rise over the $2.0303 resistance and approach $2.1650 if fresh demand enters the market. ASTER’s price may return to its all-time high of $2.436 if this level is broken.
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