- Aster price surges after Binance founder CZ reveals personal investment in ASTER tokens.
- Market volatility increases as new buyers enter, while some traders take large short positions.
- Technical analysts eye support at $0.85–$0.87 with RSI oversold, signaling potential rebound.
Aster (ASTER) is gaining rapid attention after Binance founder Changpeng Zhao disclosed his personal investment in the token. This move immediately triggered a response in the market, thereby increasing interest in the token. Moreover, analysts foresee higher volatility in the token as new buyers enter the scene.
ASTER Gains Momentum After CZ Buy
This latest surge in price came shortly after CZ shared a post on his X (formerly Twitter) account stating that he had purchased ASTER tokens with his own money.
In his brief statement, he emphasized that his move was in no way linked to Binance’s plans, but rather to his confidence in the project. CZ stated, “Just bought some ASTER on Binance with my own funds. I am not a trader. I buy, and I will hold.” As a result of this confidence-inspiring move by CZ, a new wave of buying has emerged.
As the excitement continues, data from blockchain analytics firm Lookonchain shows that not all investors in the token are optimistic about a continuation of the price increase. A wallet identified as 0x9eec has been increasing the short positions, even after CZ’s purchase.
Now, this trader is holding a total of 42.97 million ASTER token positions with a liquidation price of around $2.091, which is equivalent to a total of $52.8 million.
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Oversold RSI Signals ASTER Recovery Zone
In terms of technical analysis, Cryptopulse identifies important price levels. A possible long entry point could be the range of $0.89 to $0.91. In the event of a downward price movement, he identifies a support area in the price range of $0.85 to $0.87.
Since the RSI is already in the oversold region, a bounce is expected if support is maintained. His strategy will involve a stop-loss placed below $0.84, as well as a take-profit target that will give a reward/risk ratio of 1:2 to 1:2.5.
At the time of writing, Aster is trading at $1.06, with a strong 24-hour trading volume of $4.18 billion and a market cap of $2.14 billion. The token’s price has climbed 12.79% over the last 24 hours.
Overall, the market projection of the token has changed from a quiet one to a very active one. Since CZ has expressed his long-term belief in the token openly, analysts are pointing towards upcoming chances, making investors wait and watch if Aster will move further upward or pull back before that.
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