Crypto Market Faces Sharp Sell-Off
Story (IP), Aster (ASTER), Flare (FLR), and Avalanche (AVAX) are among the biggest losers in the last 24 hours. The broader cryptocurrency market is also under pressure. This sell-off is linked to fears of a possible US government shutdown on Wednesday. Congress must reach a funding deal by next Tuesday to avoid it.
According to CoinGlass, over $1 billion in long positions were liquidated recently. This shows traders are moving away from risk. Additionally, US President Donald Trump will impose tariffs on several products starting October 1. This adds to concerns about trade disruptions.
Story (IP) Nears Key Support Levels
Story’s price dropped 26% on Thursday and fell another 4% on Friday. It is testing the lower boundary of a rising channel on the daily chart. A close below $7.85 would confirm a breakdown from this channel.
If that happens, the next support levels are the 100-day EMA at $7.08 and the 200-day EMA at $5.79. Technical indicators show strong selling pressure. The RSI is at 41, with room to fall further. The MACD remains in a downward trend since Wednesday.
If Story bounces from support, it could try to reach resistance at $9.57.
Aster, Flare, and Avalanche See Further Losses
- Aster (ASTER): Aster fell nearly 19% on Thursday and dropped over 4% on Friday. It is now below $1.80 and may test $1.30 support. The MACD and RSI show growing bearish momentum. To reverse the trend, Aster must rise above $2.07 resistance.
- Flare (FLR): Flare lost over 3% on Friday, extending a 9% drop from Wednesday. This wiped out gains from the FXRP launch, which aimed to boost XRP liquidity. Support lies at the 50-day EMA ($0.22685) and 100-day EMA ($0.21638). The MACD and RSI suggest more downside risk. A move above $0.02385 could test resistance at $0.02717.
- Avalanche (AVAX): Avalanche dropped 11% on Thursday and trades below $30. It is near the 50-day EMA at $27.48, which may offer support. Resistance is at the 1.272 Fibonacci extension level of $31.10. The RSI is 46 and the MACD is bearish, signaling weakness. If AVAX falls below the 50-day EMA, it could drop to $26.84 or $25.39 (100-day EMA).
