ASTR Coin Price Hit $0.1968 Mark: Will it Continue Bullish Trend?

• The ASTR coin price is looking for a retracement toward the previous year’s high price.
• The price is trading between the 50-day and the 200-day EMAs.
• Moving averages are indicating a sell signal, while the oscillators are neutral.

Founded in 2019 by Sota Watanabe, Astar (ASTR) provides interoperable web 3.0 infrastructure, financial incentives, technical support, and incubation programs. The network helps developers to build decentralized applications (DApps) and layer 2 solutions. Binance Labs and Coinbase Ventures backed this project, which operates on two layers for scalability.

The ASTR Coin Price Performs Two Times Better than Previous Year

ASTR coin price gave a breakout in June 2023 from a trendline, forming from the previous year’s high at the $0.1286 level. The price surged over 100% from the $0.0330 support level. The upsurge attracted many crypto investors for a long position.

Consequently, the ASTR coin price got a massive response from the crypto whales at the $0.0395 demand level. The rally is responsible for the breakout of the $0.0694 resistance level. The price made a new resistance of $0.0877 during this rally.

Afterward, the price made a 60% retracement on the $0.0586 decisional point of interest. It surged over 230%, breaking from the previous year’s high level of $0.1286. The price reached $0.1968 resistance in January 2024.

The $0.1968 level currently serves as a resistance to the ASTR coin price. Astar’s 24-hour trading volume has declined by 44.46%, ranked 226th out of all the 8875 active cryptocurrencies registered in the coinmarketcap.

Technical Analysis of the ASTR Coin Price

The ASTR coin price is moving between the 50-day and the 200-day EMAs, indicating the price may face a short-term fall in the current trading phase. Alternatively, if the price falls on the 200-day EMA, the EMA can act as a major support for the price.

The ASTR coin price experienced a last important buying from the $0.1548 level. However, the level failed to lead the price above the $0.1968 resistance. As a result, the price started a bullish correction phase and is moving toward the $0.1286 demand level.

If the ASTR coin price falls on the $0.1286 decisional point of interest, it may take a bullish reversal toward the $0.1968 resistance. Conversely, a negative rally can be expected if the ASTR coin price closes below $0.1132.

The relative strength index (RSI) reflected a bearish divergence in the price momentum. RSI’s slope indicates the sellers have more strength in the current trading phase. The RSI is moving at 41.07 toward the oversold region.

Summary

Moreover, the ASTR coin price is performing in an uptrend. It is trading above its previous year’s high price. At press time, the price is making a bullish correction after creating resistance at $0.1968. The price may reach the $0.1286 decisional point of interest and can reverse toward the $0.1968 resistance.

Technical Levels

• Resistance Levels: $0.1968 and $0.2404
• Support Levels: $0.1548 and $0.1132

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.