However, the price movement since then has not been nearly as optimistic.
An initial decline led to a lower high on Oct. 4, and the price of ASTER has fallen more rapidly since then.
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During its decline, ASTER confirmed the $1.50 horizontal area as resistance (red icon) and fell to a low of $0.85.
Not all is grim, however. Today,ASTER ended its downtrend with a 50% price increase, breaking out from the diagonal resistance.
Currently, the ASTER price is attempting to validate the trend line as support, a bullish sign that could cause the crypto to retest the $1.50 resistance once again.
Momentum indicators legitimize the breakout. During the movement, the Relative Strength Index (RSI) moved above 50, and the Moving Average Convergence/Divergence (MACD) turned positive.
Thanks to these bullish signals, ASTER could now confirm the trend line as support and make another attempt to reach the $1.50 resistance level.
However, the ASTER prediction cannot be considered bullish until the price closes above $1.50.
ASTER’s Bullish Price Prediction
Aster’s wave count aligns with the price action, giving a bullish short-term prediction but an unclear long-term one.
ASTER finished a five-wave downward movement since the all-time high, where wave five created an ending diagonal, as shown by its descending wedge pattern.
If the count is accurate, ASTER’s price breakout is part of wave A in an A-B-C correction (red), taking ASTER to the 0.382-0.5 Fibonacci retracement resistance area of $1.46-$1.65.
The proposed area also coincides with the $1.50 horizontal resistance area, giving even more confluence for a possible top.
Based on the price action and wave count readings, the most likely future ASTER prediction is a retest of the wedge to complete wave B and another upward push for wave C.
If the price of ASTER closes above the $1.50 resistance area, it could open the door for more bullish future projections. However, until that occurs, the long-term ASTER price prediction remains bearish.
ASTER Gains After CZ Endorsement but Faces Key Resistance
To conclude, ASTER’s recent rebound shows the first real signs of strength after weeks of decline.
ASTER’s price increase is news-based, occurring after CZ announced he had bought and held the token.
The breakout above its diagonal resistance is promising, but confirmation above $1.50 remains key.
As long as ASTER trades below the $1.50 area, the long-term price prediction remains bearish.
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.
