ASTER has recently drawn significant attention in the crypto market after a sharp decline sparked the latest activity. Whales have stepped in with notable buy-ins, raising speculation about a potential turnaround. Analysts believe these moves could signal a possible recovery if market momentum holds.
At the time of writing, ASTER is trading at $1.46 with a 24-hour trading volume of $4.28 billion and a market capitalization of $2.57 billion. The coin has dropped by 17.60% over the last 24 hours, sparking discussions about its short-term direction.
According to on-chain data shared by Lookonchain, one whale made history in buying 7.14 million ASTER (worth $10.5 million) in two wallets, 0x2204 and 0xAF37. The whale initially sent 4.5 million USDT to ASTER and then withdrew the enormous deposit of the coin. The report states that this position has an unrealized profit of nearly $6 million, highlighting the scope of the investment.
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Meanwhile, market insights from well-known crypto analyst Tryrex pointed out recent movements in price. The analyst highlighted how ASTER’s price dropped below the support area at $1.55, an area in which liquidity was drained. Consequently, there would be various short positions closed as whales come in to buy tokens back, and this could trigger another rally.
The analysts also note that in similar circumstances, prices would retest prior highs after such a repositioning in market sentiment. The funding rates have also returned to more neutral ground, signifying a calmer environment after the sudden movements in prices.
Tryrex individually presented to us an objective downside location at $1.87, and thus, some project ASTER to bounce back in the short term.
With whale aggregation and new movement at critical support areas, the coin has been one of this week’s most-watched coins. The coming days will determine whether or not the trend can carry the asset to recuperation or if sales pressure persists.
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