ASTER Struggles Amid Intense Bearish Pressure
The cryptocurrency market has witnessed significant turbulence lately, and ASTER is no exception. As selling pressure intensifies, the digital asset finds itself battling within a descending price channel, sparking concerns among investors and traders about its near-term future.
Whale Exits Amplify Downward Momentum
On December 17th, a major whale offloaded 3 million ASTER tokens worth $2.33 million, incurring a loss of $667,000. This notable sell-off came shortly after a period of accumulation at $0.78, marking a sharp sentiment flip. Such massive whale movements often send ripples through the market, and in ASTER’s case, this led to heightened selling activity and weakened recovery hopes.
Technical Factors Suggest Further Declines
The ASTER price is currently trading near $0.76, positioned below the critical 1.618 Fibonacci retracement level at $0.836. Market analysts predict potential support levels at $0.741, $0.646, and $0.588. However, the bearish control remains strong as the descending channel consistently rejects upside attempts. The Moving Average Convergence Divergence (MACD) indicator remains negative, signaling limited momentum for buyers.
Market Sentiment Reflects Caution
Open Interest (OI) has also dropped by 3.92% to $420.8 million, highlighting reduced trader willingness to maintain positions amid increasing downside risks. This decline in OI aligns with shrinking demand across leverage markets, further intensifying the bearish sentiment. Additionally, the Long/Short Ratio reveals shorts dominating 58.35% of trades, leaving longs at 41.65%.
Liquidation Trends Add to Bearish Convictions
Liquidation data indicates a sharp imbalance, with $48.57K in long liquidations compared to just $3.65K in short liquidations. This reflects weak confidence among buyers trying to catch dips, while sellers maintain controlled, steady pressure. The persistent liquidation trends further reinforce the potential for lower targets below $0.7.
What Lies Ahead for ASTER?
With whale sell-offs, declining OI, and rising short dominance driving the market, ASTER’s short-term outlook appears bleak. Analysts expect the coin to test support levels around $0.646 and $0.588 before any meaningful recovery can occur. Temporary rebounds are possible, but the overall market structure currently favors sellers unless accumulation volume increases significantly.
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