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Aster Price Forecast: Why ASTER Could Test $1.50 Soon

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Highlights:

  • ASTER is consolidating between the $1.12 resistance and $1.07 support
  • Bulls are pushing ASTER towards the $1.12 resistance
  • A breach of $1.12 could send ASTER to $1.50 short-term

Aster (ASTER) is showing some gradual upside price action after remaining relatively flat recently. At the time of going to press, ASTER was trading at $1.11, up by 2.58% in the day. However, ASTER trading volumes have dropped during the day.

At the time of writing, ASTER trading volumes stood at $194.6 million, down by 52.89% in the day. This is a positive indicator that even as the price starts gaining some momentum, the average holder is not keen on selling their ASTER tokens. They are willing to hold with expectations of even more gains going into the future. 

However, the volumes also indicate that new investors are yet to start pumping money into ASTER. This points to caution since the broader market is yet to show any clear direction after stabilizing from recent losses. As such, new investors may be afraid that a further broader market correction could see ASTER lose these short-term gains. However, ASTER could keep pushing higher and draw in the capital sitting on the sidelines. 

ASTER Primed for A Rally As Broader Market Has Bottomed–Out

One of the factors likely to drive this momentum is the fact that Bitcoin has bottomed out. Since it dropped to $82k, Bitcoin has made a rebound and continues to go up, albeit slowly. If this momentum continues, then Bitcoin could soon spike to over $100k. By extension, this could trigger a rally across the market, including ASTER.

Already, ASTER is sending bullish signals by not only holding above $1 but also starting to push higher since Bitcoin rallied past $90k. If the bulls continue the momentum built up so far across the market, then FOMO could build up around cryptocurrencies that already have strong momentum, such as ASTER. It is a factor that could send ASTER back to prices above $2 soon. 

Whales Have Given ASTER A Strong Price Floor At $1

ASTER also has the support of big names in the cryptocurrency market. When ASTER dropped to $1, several whales bought it up. One of them loaded up over $8 million worth of ASTER in a matter of days. However, one of the most notable ASTER buyers has been Binance founder CZ. He recently bought more than $2 million worth of ASTER.

Such big names loading up ASTER around $1 creates a price floor from which only more upside can follow. This is quite evident in the fact that even in the recent marketwide correction, ASTER held above $1. The result is that investor confidence in ASTER could continue to rise as the price pushes above $1 in the short term.

Macro Factors Could Send ASTER Much Higher Short Term

There is also the macro aspect of the market. The growing consensus across the market is that the Federal Reserve will cut interest rates in December. The result is that investors are increasingly pushing capital into risk-on assets. This could push already strong cryptocurrencies like ASTER to new highs.

Technical Analysis – ASTER Consolidating with Bulls Pushing Towards Resistance

ASTER continues a multi-day consolidation between the $1.12 resistance and $1.07 support. If bulls take control and push ASTER through the $1.12 resistance, then a rally to $1.50 could follow. On the other hand, if bears take control and push ASTER through the $1.07 support, then a correction to $1 could follow.

ASTER
Source: TradingView

Of these two scenarios, a rally through $1.12 is more likely. That’s because the broader market is starting to gain upside momentum. This and the fact that ASTER is mainly in the hands of whales who have a long-term view of the market could push the price through resistance.

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