Aster rallies as ‘Double Harvest’ heats up – Can it clear $1.35 next?
A cup and handle chart pattern was forming. Though it was not complete, it was potentially setting ASTER up to go parabolic.
Key Takeaways
Is the Aster outlook bullish?
Yes, and it has been that way since early November. The defense of the $1 level over the past ten days was another achievement from the bulls.
What should traders expect next?
It appeared likely that Aster will rally to $1.35 next. A move to $1.5-$1.55 was also likely, though it could take a few more days and a brief consolidation phase around $1.4.
Aster [ASTER] made gains of 3.58% on the 17th of November, and counting, with a daily trading volume increase of 76.85%.
The news of the Stage 4 (Harvest) Airdrop program launch helped stabilize prices at the psychological $1 support level.
The “Double Harvest” trading competition, which will last till the 21st of December, also incentivizes users to trade on the platform and earn rewards. The short-term technical outlook was bullish.
A cup and handle chart pattern was forming. Though it was not complete, it was potentially setting ASTER up to go parabolic. Will the bulls succeed in driving gains while the market sentiment remains deeply fearful?
Aster bulls fight volatility to establish November uptrend
At the start of November, Aster printed a new daily high and broke its earlier swing high. That move confirmed a bullish structure shift.
Even after a deep dip to $0.818, the structure did not flip bearish.
On top of that, steady gains aligned with rising OBV, which signaled consistent buying pressure.
At the time of writing, Aster challenged the local high near $1.285 and could attempt another push higher.
The 4-hour chart showed that the $1.18 region had been a key resistance in November. Over the past two days, this level was broken and flipped to support, which was an encouraging sign for buyers.
Liquidity cluster above current price
The Liquidation Heatmap showed that the next magnetic zone was at $1.31-$1.35. It was relatively close to the price and was a dense cluster of liquidation levels.
This meant it was highly likely that Aster would visit these prices.
However, to the south, a price dip to $1.17, while unlikely, would offer a buying opportunity. Beyond $1.35, the $1.5-$1.55 would be the next bullish targets.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
