ASTER Price Breaks Out After Whale Purchase: Are Bulls Back?

AsterDEX (ASTER) price action broke above a key consolidation pattern and a critical level of resistance following whale involvement. The DEX token was backed by Binance’s YZi Labs; that’s why most traders and holders believed in it.

The altcoin’s spike in the past 24 hours, which reclaimed the $1 zone, indicated that ASTER’s market sentiment was shifting. Does the combination of on-chain activity and uptrend price action indicate that bulls are back for ASTER trading?

ASTER Price Prediction: What’s Next After Breakout?

On the charts, ASTER ice broke above a popular consolidation pattern in the field of technical analysis. The descending triangle pattern suggested that the correction was over, especially after the attempted breakout, which was unclear.

ASTER price breakout level was slightly below the midpoint of the whole movement of the altcoin since its debut. The price broke above the slanting trendline with brute force.

However, the move stalled at this region. The closing above the zone and wicking below it was a potential retest of the breakout.

ASTER crypto outlook indicated that the altcoin was trading above a key support zone at $0.90; however, sustaining above $1.20 would be bullish for the price.

In the bull case, ASTER could reclaim levels above $2 and potentially make new highs above $2.40. Conversely, ASTER price would revisit $0.90, which was the most significant demand zone for the altcoin.

The potential breakout was met with whales who were optimistic about ASTER price appreciation.

Whale Adds Capital to 38-Day Longs

ASTER broke out of the consolidation pattern. However, whales were alert, as seen in the data from Lookonchain on X. A whale who had been bullish on ASTER for more than 38 days added more to their existing position.

The whale accumulated ASTER at an average price between $1 and $1.20. It deposited approximately $1 million on the Hyperliquid exchange and then acquired additional ASTER tokens. Its position now stands at 2.3 million tokens worth $2.86 million. The position had a 2x leverage.

The long position was still facing a loss of more than $432K with the liquidation price at $0.3677. Trader’s dashboard reported this.

The activity added confidence among other holders to produce gains in case ASTER obeyed the breakout and trended higher. That begged the question of whether bulls were back in action, especially now that the ASTER price had reclaimed $1.

ASTER Price Signals Bullish Momentum but Faces $1.20 Test

On the 8-hour chart, bullish action was evident, though it was not as robust as earlier during the launch period. After breaking the falling wedge pattern, bulls kicked in. Also, it was evident in the MACD indicator as the price surpassed the $1 zone.

The MACD was green, and its moving averages were above the neutral zone, confirming bull action at the time. This was further backed by the RSI, which was at 60. This suggests a bullish market that was far from the risk of being overbought.

Overall, the ASTER hinted at a bullish comeback. Numerical data supported this view. On-chain activity confirmed the momentum.

However, the price needed to successfully stay above $1.20 to ascertain that bulls were back. Otherwise, a bear market structure strangled most cryptocurrencies, including ASTER.