The price of Aster (ASTER) has recently plunged nearly 20%, approaching the critical support level of $1 amid a broader sell-off in the altcoin market. Following a record high of $2.42 in September, Aster’s trajectory has sharply inverted as various cryptocurrencies face sell pressure.
Aster Price Suffers 20% Drop Amid Market Sell-Off
On Friday morning, Aster’s price fell to a low of $1.08 on major exchanges, extending a downward trend that began after the cryptocurrency failed to maintain gains near $1.60. After trading above $1.36, double-digit losses over 24 hours positioned ASTER among the leading decliners alongside Zcash, Mantle, and Morpho.
This significant decline has erased substantial gains, with Aster’s price dropping over 32% in the past week. The market is currently influenced by profit-taking and adverse macroeconomic conditions.
Aster’s rise was fueled by recent listings on prominent platforms such as Robinhood and Binance, which had previously attracted investor interest. However, this enthusiasm is fading as selling pressure mounts, especially with Bitcoin slipping below $106,000. During this downturn, major altcoins, including Ethereum and Solana, have also dropped to critical support levels.
What’s Next for Aster as It Approaches $1?
Currently, Aster’s price is testing the psychological threshold of $1, a crucial level that bulls must defend to prevent further declines. Recent trading patterns indicate that the cryptocurrency is consolidating just above this key mark.
However, the recent downtrend and the breakdown of a descending triangle suggest that bulls may continue to struggle. The all-time high of $2.42 reached on September 24 seems distant. Nonetheless, technical indicators like the Relative Strength Index (RSI) are currently showing that ASTER is in oversold territory, hinting at a potential rebound.
That said, any continued selling pressure could lead to a breakdown below the $1 support level.
Data from Coinglass indicates a notable decrease in open interest for Aster, now standing at $477 million. Long positions have been disproportionately affected by the corrections, with long liquidations accounting for nearly 90% of the total—over $10 million out of $12 million liquidated in the last 24 hours. In contrast, short positions totaled just $1.73 million.
For bulls, a decisive breakout above $1 is essential to recapture momentum. Conversely, sustained selling pressure beneath $0.85 could likely hand control to the bears.
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