A notable analyst, Zoe, recently highlighted that the Aster price had broken out of a key structure, indicating the potential for further upside.
Notably, the analyst suggests that the breakout has set the stage for potential continuation, though confirmation will depend on how the current setup develops in the coming sessions. This commentary comes as Bitcoin and the broader market face persistent struggles.
For context, the Aster token launched on September 17 as the native asset of the Aster ecosystem. It is a multi-utility token designed for governance, staking, and incentivizing community participation. ASTER also serves as the medium for transaction fees and reward distribution. Notably, the latest analysis confirms that it seems to be recovering from a recent downtrend spell.
Descending Trendline Breakout Signals Recovery
Specifically, in a recent analysis, Zoe highlighted Aster price breaking out of a descending trendline that had capped its upside since it dropped from the $1.9 peak in the morning of September 21.
Her 15-minute chart shows the breakout emerging near $1.45, with initial resistance at $1.55 now in focus. Meanwhile, the next key level is marked at $1.69, which represents a mid-range barrier within the structure.
Notably, the analyst identifies $1.92 as the breakout target, forming the upper resistance zone in her setup. This represents yesterday’s local top. Furthermore, support rests between $1.34 and $1.44, making this range critical in holding the breakout intact while the price builds toward her projected target.
Importantly, she does not specify any timeline for when this target could be achieved, leaving the projection tied solely to price action.
Breakout From Falling Channel Adds Momentum
Meanwhile, another expert, Smith, highlighted Aster trading within a falling channel on the 1-hour chart, consistently printing lower highs and lower lows. His analysis projected that a breakout from this channel could trigger a 50% rally, setting a target near the $2 level.
Interestingly, the latest chart data now confirms this breakout, with Aster having already completed a significant portion of the projected move. Importantly, only about 26% remains for the price to achieve Smith’s target, with resistance checkpoints at $1.69 and $1.80 before $2.
Currently, Aster holds a market cap of about $2.71 billion at a price of $1.63, based on its circulating supply of 1.65 billion tokens. If the asset approaches the $2 level projected in the breakout structures, its market cap would expand to roughly $3.3 billion. Interestingly, this would add more than half a billion dollars in value from relatively modest price movement.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
