$ASTER Token Sees 33% Loss After Explosive Debut Week, What Next?

The $ASTER token has endured a brutal first few days of trading, shedding 33% of its peak value before beginning to rebound.| Credit: Pexels.

Key Takeaways

$ASTER surged to nearly $1.94 at launch but quickly lost momentum, dropping 33% to lows of $1.33. The token has since rebounded to around $1.57. $ASTER has major support from Binance founder CZ and YZi Labs and is positioned as a fierce Hyperliquid competitor.

The $ASTER token, launched last week, has endured a brutal first few days of trading, shedding 33% of its peak value before beginning to rebound.

Despite an explosive debut and major backing from Binance founder CZ, the token’s dip has raised questions about its longevity.

However, some analysts believe the token has much higher to climb.

$ASTER Price Dips

The launch initially sparked heavy buying, pushing the price close to $1.94 in early trading.

But in the days that followed, momentum significantly dipped.

According to CoinGecko data, the token fell as low as $1.33 in overnight trading on 22 September, before partially recovering to $1.59 later that morning.

At the time of writing, it is hovering at $1.60, down almost 10% in the last 24 hours, with the 24-hour range stretching from $1.31 to $1.86.

Trading volumes remain enormous, topping nearly $2 billion in a single day, underlining a fierce push of early buyers and sellers.

What Is $ASTER?

Aster is a new Hyperliquid competitor that has taken the crypto world by storm due to its strong backing from Binance founder CZ and his family investment office, YZi Labs.

Following its launch on 17 September, it distributed 704 million tokens to early participants while also offering a migration path for holders of APX.

Unlike many projects where airdrops trigger heavy sell-offs, ASTER defied expectations by continuing to pump aggressively.

The token is currently available on most major exchanges for perpetual futures trading.

What Happens Next?

The potential for what happens next will depend on whether the selling pressure can subside.

According to CCN analyst Victor Olranrewaju, the sharp retreat “was likely fueled by profit-taking after its explosive rally.”

He argues that signs of relief are already emerging.

“The Chaikin Money Flow has risen above the zero line, showing that capital inflows are returning and that the token is no longer in overbought territory,” Olranrewaju noted.

He also pointed to whale accumulation, which appears to be picking up after the dip.

“If this trend continues, ASTER may avoid a prolonged correction and set its sights on higher highs,” he said, suggesting that $2.50 could be the next primary target.

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