ASTER Price Prediction: Descending Wedge Could Trigger a Rally toward $1.60

Aster is experiencing a positive trend and is increasing consistently in value. In the last 24 hours, it has shown a growth of close to 1.61%. If we consider the entire week, a growth of close to 2.96% has been shown by Aster.

Right now, Aster is trading at $0.7311. Its 24-hour trading volume jumped to $217.23 million, up almost 99.19%. The market cap reached $1.82 billion, rising 1.61%. These numbers show strong activity and suggest that more investors are paying attention to Aster, pointing to a promising trend in the market.

Also Read: ASTER Holds $0.70 After Whale Selloff: Is a Breakout to $20 Possible?

Technical Setup Shows Bullish Potential

From the 12-hour chart of ASTER, there is a descending wedge. This is where the price keeps falling while the support and resistance lines intersect. The price of the token is currently at about $0.763. This is an indication that the token is close to the bottom of the descending wedge and could reverse to greater levels.

Support is between $0.57 and $0.63, and this is marked by the lower wedge line. This level is known to work as the price floor. On the other hand, the resistance lies between $0.83 and $0.85 and is marked by the upper wedge line. Any breakout past the latter is imperative to facilitate bullish action. The upside could then reach $1.0 to $1.2 and possibly higher to $1.60.

Price target action indicates a wedge action with short pullbacks during upward movements. If the wedge breakdown is not realized, there will be re-tests of $0.60-$0.63. The short-term target is $0.83-$0.85; the mid-term target is $1.0-$1.2; and the long-term target is $1.60. A stop-loss below $0.57-$0.63 can help manage risk effectively.

Indicators Signal Easing Selling Pressure

The RSI is holding at 42.24, and its average is at 35.02. The RSI made a strong bounce around the oversold level of 30. This is a clear indication that the pressure to sell the currency is weakening. In spite of this strong bounce, the RSI remains below the important level of 50.

The MACD histogram is at 0.01688, displaying positive momentum. The MACD is at -0.05670, and the signal is at -0.07358. The fact that the gap between the MACD line and the signal line is narrowing predicts a high possibility of the formation of a bullish crossover.

Also Read: ASTER Faces Descending Triangle, Support Holds Near $0.4740