ASTER Price Crashes 11% in 24H, Floats Dangerously Close to $1 – Is There A Chance for Reversal This Week?
Aster has gone down by 11% in the past 24 hours as cryptocurrencies continue to show significant signs of weakness ahead of this week’s inflation report.
Trading volumes for the native asset of this new perpetual futures trading platform jumped by 6% during this period, and remain quite high from a technical standpoint, accounting for more than a quarter of the token’s circulating supply.
Data from DeFi Llama shows that Aster’s total value locked (TVL) peaked at $2.4 billion on October 10 and has dropped by nearly 25% since then. In the past 7 days, $ASTER has booked a 33% loss amid some controversy that the platform engaged in practices to artificially inflate its trading volumes.
According to data from CoinMarketCap, Aster’s 24-hour trading volumes are higher than Hyperliquid’s at $9.8 billion, giving the platform a market share of 36%. However, its 24H open interest is less than half of that of its competitor at $3.2 billion.
Aster Price Analysis: Move to $1 Seems Likely After Bearish Trend Line Breakout
The hourly chart shows that ASTER made two consecutive lower lows, meaning that its uptrend in this lower time frame has been broken.
The token encountered strong selling pressure at $1.25 and went on to drop as the market tanked. Market sentiment indicators remain heavily depressed, as reflected by the Fear and Greed Index, which currently sits at 33 (Fear).
If the downtrend continues, it is highly likely that ASTER will drop to $1. This psychological threshold has already acted as a strong bouncing pad in the 1-hour time frame. However, if the price drops below that mark, the odds favor a much deeper correction toward $0.80 or lower.
Early presales still offer investors the best chance to reap high returns once the market starts to recover. A new project called Pepenode ($PEPENODE) could be one of this cycle’s hidden gems as its innovative mine-to-earn (M2E) game has raised nearly $2 million in a heartbeat.
Pepenode ($PEPENODE) Makes Crypto Mining Fun and Hardware-Free
Crypto mining is a lucrative activity, but it typically requires expensive hardware investments and some degree of technical knowledge.
Pepenode ($PEPENODE) defies that paradigm by introducing the first-ever mine-to-earn (M2E) game. Players can easily set up virtual servers and start mining meme coins right away by launching as many rigs as they want.
The game fosters a competitive environment and compensates top miners with surprising airdrops of tokens like Bonk ($BONK) and Fartcoin ($FARTCOIN). The more rigs you launch, the higher your output will be, and you’ll earn both rewards and bragging rights as your score grows.
As the game’s popularity increases, the demand for $PEPENODE should skyrocket. In addition, there’s a deflationary twist as the project will burn 70% of all tokens used for upgrading rigs.
To buy $PEPENODE and start mining right away, head to the official Pepenode website and connect an Ethereum-compatible wallet like Best Wallet.
You can either swap USDT or ETH for this token or use a bank card to invest.
The post ASTER Price Crashes 11% in 24H, Floats Dangerously Close to $1 – Is There A Chance for Reversal This Week? appeared first on Cryptonews.
