Aster (ASTER) is showing initial signs of strength as it has been in a downtrend for a while, and currently, the price is maintaining well inside an important accumulation zone. The price is being compressed as selling momentum weakens.
ASTER Price Builds Accumulation Base
A well-known crypto analyst, Crypto Patel, recently provided a perspective on the future of the token ASTER, which included a look at the long-term chart patterns of the cryptocurrency. After months of a downtrend, Patel’s analysis concludes that the token may very well be in the midst of an accumulation phase.
First, Patel indicated that the current price is compressing near an important level of demand between $0.75 and $0.65. This compression of price, together with reduced volatility, may be an indication that a big move for the token could be looming. Another challenge that the token is facing is a trend line that has in the past been a turning level.
From a technical standpoint, everything remains constructive provided that the token is above this accumulation area or level. The analyst did state that a close below $0.60 would abort the bullish intention. Based on the structure in place, however, Patel expects a multi-legged move higher for ASTER/USDT. The price targets for each of the succeeding phases include $1.50, $2, $5, and even $10 to $15 for a longer-term target.
At press time, ASTER is trading at $0.7569, up 1.58% over the last 24 hours. The coin’s trading volume over the last 24 hours is at $566.79 million, with the token’s total market value at approximately $1.90 billion.
As if all that is not enough, there are also whispers in the markets that the token is slowly gaining the attention of key individuals in the world of cryptocurrencies. Rumors have circulated that certain key individuals have been closely watching this project.
Also Read | ASTER Price Prediction: Descending Wedge Could Trigger a Rally toward $1.60
ASTER Shows Strong Long-Term Potential
Another analyst, Friedrich, shared a positive outlook on the future of ASTER. He acknowledged the concerns of Bitcoin and the market in general, yet he felt that the projects that have a real working product are still able to attract people in the down market. He cited the growth of the decentralized exchange market.
He even went ahead to indicate that a price level of $10 for ASTER is possible in the long run and invited his followers to take notice. However, he pointed out that the targets in his chart are aimed at a rally in Q1 and not a complete cycle.
As long as ASTER maintains its major support level, market analysts will be closely following whether the current period of consolidation will trigger a major breakout soon.
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