ASTER Tanks 22% as Major Support Breaks: What’s Next?

ASTER falls 22% in a week after breaking key support, trading near $0.74 as futures open interest falls as whale accumulation continues.

Consequently, the recent trade took place after a noticeable technical failure, when the price fell below the key support area from $0.85 to $0.9. Selling pressure was high all week and there has been no recovery yet.

Breakdown confirms downward trend

The chart shows a steady pattern of lower highs over several weeks, with a descending trendline accompanying the move down. That trend ended when the support level broke cleanly, without any strong rebound or fuse.

Cyrus described the move as a “breakdown of the textbook“, adding, “That wasn’t panic selling. That was acceptance of lower prices.” The post warned that any short-term recovery should not be mistaken for a reversal, saying: “Bounces ≠ reversals in a broken structure.The trend will continue until strength returns above the former support.

Meanwhile, ASTER is trading well below both the 9-day and 21-day moving averages. The 9-day MA is now $0.89, while the 21-day MA is $0.96. A bearish crossover confirms continued downward pressure.

The MACD also remains negative. The MACD line is at -0.080 and the signal line at -0.063. The histogram becomes wider towards the bottom. Momentum is still pointing lower, with no signs of divergence or recovery.

Additionally, open interest on futures fell to $420 million, down from more than $600 million in November, according to CoinGlass data. This drop came as the price fell and suggests traders are exiting their positions.

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The data reflects lower participation rather than panic. Volume hasn’t increased and it appears traders are taking a step back rather than rushing. The coincidence of price and open interest often indicates lower conviction in the market.

Product launch and accumulation of whales

On December 15, Aster DEX introduced Shield Mode. The new feature provides up to 1001x leverage, instant execution and no slippage. It also includes off-the-books trading and one-tap long or short orders.

However, whale portfolios remain active. Be invested reported accumulation of high volume in the last 24 hours. “Massive inflow into $ASTER,the post said, listing top buyers including one purchase of 1.34 million tokens worth more than $1 million.