ASTER Battles Descending Triangle - Can $0.4740 Support Hold the Line?
Pressure mounts as ASTER confronts a classic bearish formation. The descending triangle pattern tightens its grip, forcing the asset toward a critical juncture.
Support Under Siege
All eyes fixate on the $0.4740 level. That price point isn't just a number on a chart—it's the last line of defense. A decisive break below it doesn't just signal a technical failure; it opens the door to a steeper correction. The market holds its breath, watching for the bounce or the breakdown.
The Bullish Counter-Argument
But here's the twist: holding this support could be the springboard for a powerful reversal. In crypto, patterns don't dictate destiny—they set the stage for a battle between fear and greed. A firm rejection at $0.4740 would trap the shorts and fuel a violent move upward, proving once again that the most reliable chart pattern is the one that surprises the most people. After all, in traditional finance, they'd already have formed a committee to study the problem.
The verdict isn't in yet. The next candle will tell the tale.
ASTER Faces Key Resistance Near $0.6640
Despite the short-term uptick, recent market commentary suggests caution may still be warranted. As per a post by crypto TXG, it has happened in the past that there has been a fall in prices below $0.6640, resulting in a move closer to the strong level of support at $0.4740.
Source: XThe focus now is whether price can push higher and reclaim the $0.6640 resistance, which WOULD signal improving strength on the chart. Breaching this level successfully may help to maintain the stability of price movements. On the flip side, a failure to do so may continue to undermine ASTER.
ASTER Forms Descending Triangle On Daily
Technical structure on the daily timeframe highlights a descending triangle pattern, with price gradually squeezing toward a flat support level. This pattern depicts contracting prices, signifying an impending strong price movement. Lower highs, in turn, keep on being formed along the descending line, hence maintain the downward orientation of the structure.
Source: TradingViewIf the price drops under the horizontal support level, experts foresee a MOVE further down with the downside targets around $0.55 and $0.40. Losing the $0.4740 support by a large margin would make the chart very vulnerable and might lead to a revisit of the lows from the past market crashes.
The bears’ scenario is still valid as long as ASTER is trading under the falling trendline. Traders have their eyes on whether the bulls will hold onto the major supports or will they be able to push the price above the decided resistance level in the coming sessions.
