$ASTER just hit Binance Spot, but that’s not the only place to trade it. | Credit: Hameem Sarwar/CCN.com
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Key Takeaways
Aster broke out from a descending parallel channel.
The Aster price is trading inside the $1.95 resistance area.
Is the ASTER correction over, and will the price hit new highs?
Aster was thrust into the spotlight of the cryptocurrency market at the end of September, following endorsements by Changpeng “CZ” Zhao, which caused the price to surge and hit a new all-time high.
Although the ASTER price has corrected over the past few days, it is attempting to break out of its corrective structure, indicating that a new bullish trend may have begun.
With that in mind, let’s examine the price action and determine if this rally will result in a new all-time high.
Aster Price Breaks Out
The ASTER price surged between September 20 and 25, rallying 350% and hitting an all-time high of $2.44.
ASTER fell afterward, declining inside a descending parallel channel until it fell to a low of $1.51 on Oct. 1.
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ASTER’s downward movement accelerated after a failed breakout attempt on Sept. 30 (red icon), confirming the $1.95 horizontal area as resistance.
Nevertheless, the price never fell outside the channel’s confines. On the contrary, the price bounced after declining briefly below the channel’s midline at the start of October.
ASTER’s price broke out from the descending parallel channel today and is currently attempting to move above the $1.95 horizontal resistance area.
While the triangle in wave B clearly confirms that this is the correct count, waves A and C have a similar length, adding more credence to the movement.
Finally, the correction ended at the 0.5 Fibonacci retracement support level, another sign that aligns with the bullish Aster outline.
The final obstacle to reaching an all-time high is the $1.95 resistance area, and once ASTER clears it, a surge to the 1.61 external Fibonacci retracement at $3.01 is the most likely prediction for the remainder of October.
New Highs Ahead
Aster looks poised for another big move in October.
After breaking out from its descending parallel channel, the price is testing the key $1.95 resistance area, which will determine the next trend.
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.
