Aster (ASTER) Rises 4% on Positive Market Sentiment
Aster (ASTER) rose 4% on Thursday, marking its third straight day of gains. The token is testing a key resistance trendline. This rise follows a positive shift in retail sentiment. The token’s use as collateral on its native derivatives trading platform helped boost confidence. The platform offers an 80% margin ratio, which may trigger further gains.
Aster Expands Utility as Collateral on Derivatives Platform
Aster, a decentralized exchange (DEX) focused on perpetual contracts, expanded the use of its native token ASTER as collateral. The new margin ratio is 80%, which means traders can borrow up to 80% of their collateral value.
This expansion has improved trader sentiment. Data from CoinGlass shows ASTER futures Open Interest (OI) rose 5.87% in the past 24 hours. This indicates more traders are opening long positions. The OI-weighted funding rate is now -0.0100%, up from -0.0423%. A smaller negative funding rate means traders are less willing to pay premiums for bearish positions.
Aster Tests Key Resistance, Could Rally Higher
Aster is trading above its 100-period Exponential Moving Average (EMA) on the 4-hour chart. The token is now near a resistance trendline at around $1.15, formed by highs from October 6 and November 2.
If Aster closes above $1.15, it could break this resistance and push towards $1.2977, the October 14 low. Technical indicators support the bullish case. The Moving Average Convergence Divergence (MACD) is rising after crossing above zero on Wednesday. The Relative Strength Index (RSI) has climbed to 60, showing growing buying momentum but no overbought signal yet.
If the price reverses from resistance, support levels to watch are the 50-period EMA at $1.0338, the psychological $1.00 mark, and the October 22 low at $0.9304.
