The price hits a new all-time high of $2.43 on Sept. 24, rallying 350% in only four days.
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However, the upward movement ended afterward, causing a breakdown from an ascending support trend line, confirming the end of the trend.
The ASTER price fell by more than 30% afterward, culminating with a low of $1.70 on Sept. 28. The decline has been contained within a descending parallel channel.
Despite an attempt to move higher this week, ASTER has seemingly hit a roadblock, failing to break out of the channel (red icon).
Momentum indicators also show weakness. The Relative Strength Index (RSI) is below 50, and the Moving Average Convergence/Divergence (MACD) made a bearish cross.
Based on the hourly time frame, the most likely ASTER prediction is bearish, suggesting the price will decline toward the channel’s support at $1.40.
What’s Next for ASTER?
The wave count suggests that the ASTER correction that began after the all-time high is not over yet.
According to the count, ASTER has one more leg down before the decline ends.
The wave count shows that ASTER has just finished a sideways wave B, which started on Sept. 26.
The area is ideally suited for a bottom since, in addition to the proportionality between the two waves, it also coincides with the 0.618 Fibonacci retracement support level and the channel’s support trend line.
So, all signs point to a bearish Aster prediction and another decline before the correction is over.
Another Decline Awaits
Despite its massive September surge, ASTER’s short-term prediction still leans bearish in the short term.
Unless a breakout from the short-term channel occurs, the trend remains bearish.
The wave count predicts a decline toward $1.29 before the trend eventually reverses.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
