Aster (ASTER) Nears Key Resistance at $1.21
Aster (ASTER) rose over 8% on Wednesday. It is nearing an important resistance level at $1.21. The Binance-backed decentralized exchange (DEX) focused on perpetual contracts has passed a $3 trillion trading volume. Despite this, user growth shows some short-term slowdown.
Trading Volume Tops $3 Trillion Amid Mixed Signals
- Aster’s total trading volume reached $3.10 trillion on Wednesday.
- The Total Value Locked (TVL) is $1.16 billion.
- It is close to Hyperliquid’s $3.20 trillion trading volume since launch.
- Protocol fees have dropped, showing stagnation in user activity.
- Fees fluctuated below $20 million since mid-October, with $15.83 million last week.
- Open Interest (OI) on Aster fell from $5.01 billion on October 5 to $2.67 billion now.
- Last week’s perpetual contract volume decreased to $72 billion from $76.6 billion in mid-October.
- This week’s volume is $20.56 billion, with no clear signs of recovery.
Aster’s Price Poised for Breakout Rally
Aster’s price moved past the $1.1742 resistance and is testing the 4-hour 200-period EMA at $1.21. Traders hope for a close above this level to confirm a breakout from an ascending triangle pattern.
If ASTER closes above $1.21, it could rise to $1.30, then target the $1.60 high from October. The Relative Strength Index (RSI) is at 63, suggesting more room for buying. The MACD indicator shows increased bullish momentum.
However, if ASTER falls below the 50-day EMA at $1.07, it may signal a false breakout. This could lead to a decline toward the October 23 low of $0.93.
