Aster Price Falls 3% Following Steady Selling Pressure

On April 15, Aster once again witnessed a downward trend following a long consolidation pattern, declining its value below $0.67.

This downfall in the cryptocurrency was witnessed after Bitcoin ($BTC) plunged below the $74,000 mark. According to CoinMarketCap, Aster is trading at around $0.6599 with a drop of around 2.66% in the last 24 hours. At the time of writing, it holds a market capitalization of around

Aster Declines Against Bullish Bitcoin Sentiment ($BTC)

At present, the crypto market is in a calm state with quite bullish sentiment after Bitcoin ($BTC) surpassed a major market of $74,000 in the recent trading sessions. Steady inflows in Bitcoin exchange-traded funds (ETFs) that recorded hundreds of millions in weekly net purchases.

Apart from this, the regulatory developments from the Securities and Exchange Commission (SEC) are also playing a major role in the rally in the crypto market. On April 13, the SEC issued a staff statement covering interfaces that prepare transactions involving crypto asset securities. This has opened a door for a crypto trading interface to operate without broker-dealer registration.

However, one of the biggest moments that triggered a rally in $BTC was U.S. President Donald Trump’s announcement to declare a two-week ceasefire in the U.S.-Iran war. This announcement has given major relief to the financial world and immediately sent Bitcoin ($BTC) above $70,000. A similar rally has also been witnessed in other altcoins, such as Ethereum.

The price chart for Aster is confirming ongoing selling pressure around $0.66. The moving average resistance is blocking any chance of a rebound. This might trigger a major drop in the cryptocurrency’s price.

The cryptocurrency has been stuck in a strong consolidation pattern where the price has been stuck between a tight range around $0.66. This pattern is forming a rounding bottom formation, where the price slowly stabilizes after major declines in the previous trading sessions.

As of now, technical indicators are suggesting neutral price movement in the upcoming time. According to the TradingView price chart, the 14-day relative strength index is currently revolving around 40. It clearly means that the cryptocurrency is currently in balanced momentum without entering overbought territory or oversold conditions.

Moving averages are confirming a selling pressure in the short-term timeframe because the current price stays below the 10-day simple moving average around $0.667 and the 20-day simple moving average around $0.666.

Aster On-Chain Perpetual Activity Stays Strong Despite Drop

However, the on-chain data for the Aster network is still pretty impressive. According to DeFiLIama, the total value locked on Aster is around $944 million across various blockchains. The majority of this value is locked on the $BNB Smart Chain at around $712 million. Perpetual trading volume is strong as the platform is recording around $100 million in recent 7-day activity. These numbers show that the DEX still has impressive liquidity to support a possible upward trajectory in the ASTER.

Recently, Aster launched commodity perpetual contracts for assets like gold, silver, and oil, which generated $2.66 billion in trading volume during the first week of trading alone. The arrival of real-world commodities on the platform is helping it to diversify offerings beyond crypto pairs.

Apart from this, the platform has recently completed an integration with Binance Wallet that now supports mobile perpetual trading for users in a non-custodial environment on $BNB Chain. It also plans to integrate more chains in the upcoming time.