Astar (ASTR) demonstrates resilience as it recovers from a recent dip that temporarily lowered the token through a key chart pattern. Analysts understand that the move has sparked speculation of whether bulls will rebound or there will be further weakness. Days ahead are also likely to determine Astar’s future direction.
At the time of writing, Astar (ASTR) is trading at $0.02250, with a 24-hour trading volume of $29.08 million and a market capitalization of $185.20 million. The token has shown a slight gain of 0.15% in the past 24 hours, reflecting cautious but steady market interest.
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Prominent crypto analyst, Alpha Crypto Signal, noted that Astar’s price action at the moment is being determined by a symmetrical triangle formation on the daily graph. This formation has often been regarded as a period of consolidation preceding a breakout.
Recently, however, ASTR dipped below the triangle’s lower trendline and spawned fears of a further correction. Buyers stepped in immediately, however, and sent the token back into the triangle zone. It looks like the selling pressure might not have the energy to continue pushing downward.
If ASTR can regain a spot within the triangle, the price may become bullish again. The next significant test will come in the form of the upper border of the pattern, which lies at about $0.026 to $0.027. A push above this region could make space for a more substantial upside leap.
On the other hand, if Astar fails to recover back into the triangle and encounters rejection yet again, the risk of yet another push down remains. Such a scenario might negate the recent bounce back and prevent any action at a sustained bounce back.
Currently, Astar’s price movement sits at a significant juncture, and both sides of the market are willing participants at this juncture as bulls seek to maintain the formation or selling pressure resumes control.
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