Key takeout:
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Aster will protect Hot Support for $1.60-1.80 for a 35% chance of rebound next month.
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Although the $325 million token unlock loom in October, Aster’s daily $1 billion volume suggests the market can absorb supply.
Aster (Aster) has been revised more than 25% a week after hitting a record high of around $2.43, trading at $1.80 as of September 30th.
Hot Support claims rebound at 35% Aster price
Aster’s fix drew me into the “Hot Support” zone, between $1.60 and $1.80. As analyst Michael Van De Poppe points out, it’s ahead of 15-35% rebounds.
Therefore, he expects similar bounces in the coming days, noting that a “dollar break” could send Aster to a new record above $2.43.
Related: Aster tips the hype by market capitalization, collecting an additional 480%: Analysts
This bullish outlook coincides with Aster’s typical falling wedge pattern. This is a technical setup related to trend reversal.
Breakouts predict measured movements to $2.22-$2.45 in October, if the equivalent of a rally of 35% or more.
Trader Bitcoin Harves predicts that if the Aster price bounces decisively from the area between $1.60 and $1.80, it will reach $3 in October, with the range being “accumulation.”
What can change the outlook for this bullish Aster?
When Aster falls below $1.60-$1.80, the bullish case will be turned over, and Van De Pope warns, opening the drop door to $1.25 near the support zone on September 21-22.
This bearish outlook is based on a pattern of descending triangles. This is a setup that traders often consider to be a warning sign.
In this formation, the price falls below the high, indicating that the buyer is losing strength, and the flat support line holds the floor. If that support eventually breaks, it usually indicates that the seller is taking control and often leads to a sharper drop.
For Astor, the measured movement of the downward triangle shows a decline to $1.26 around Van de Pope’s downside target in October.
Astorken unlocks in October
According to data resource Dropstab.com, Aster faces unlocking major tokens on October 17th with 183.13 million Asters, which amounted to roughly $325 million or 11% of market capitalization (11% of market capitalization).
However, Aster appears to be better than most tokens and can be unlocked in the future.
The project handles nearly $1 billion in daily trading volumes and has a total price lock (TVL) of over $2.26 billion, indicating deep liquidity across the ecosystem.
Such activities suggest that the market is likely to absorb new supplies. It can even serve as a starting point for Astor’s gatherings if traders view unlocking as a chance to “buy a dip.”
But not all analysts agree. Trader Gordon, who claims to have made a profit of $1.4 million by shortening Aster, claims that buyers could be hesitant at the current level.
He points to the project’s talk nemics, pointing out that around $700 million worth of Aster is set to unlock by the end of the year, warning that the token could “keep bleeding” if a new supply hits the market.
Aster has already considered a vesting schedule for airdrop recipients to limit such downside risks.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.