ASTER reclaims $1 as CZ purchases 2m tokens: check forecast

The cryptocurrency market has opened the new weekly candle bearish, with Bitcoin and other major cryptos currently underperforming.

However, ASTER, the native token of the Aster decentralized exchange, has added 10% to its value in the last 24 hours and reclaimed the $1 psychological mark.

With whales positioning in this project, ASTER could rally higher in the near term.

Changpeng Zhao (CZ) purchases 2 million ASTER tokens

ASTER is the best performer among the top 50 cryptocurrencies by market cap after the coin surged by 20% within hours on Sunday.

The pump saw the token rally from $0.90 to hit a weekly high of $1.287 a few hours later.

The token has now slightly retraced and is trading at $1.080 per coin. The rally comes after Binance founder Changpeng Zhao (CZ) announced on Sunday that he purchased two million ASTER tokens. 

0 Reply Copy link Investors interpreted the purchase as a signal of confidence from one of the most influential figures in the crypto space, with the buy pressure pushing ASTER’s price above $1.2 for the first time in two weeks. 

Aster is a hybrid decentralized exchange offering perpetuals and spot trading across multiple chains, with features like hidden orders and high leverage.

The Binance founder also highlighted how he purchased BNB tokens during the first month of its TGE 8 years ago and held all of them. BNB hit an all-time high of $1,370 three weeks ago and is currently the fifth-largest cryptocurrency by market cap.

ASTER eyes $1.6 as price action switches bullish

The ASTER/USDT 4-hour chart is the most bullish among the top 50 cryptocurrencies by market cap. This comes after the token added 10% to its value during that period, outperforming the broader cryptocurrency market.

The technical indicators have also switched bullish, suggesting buying pressure. The Relative Strength Index (RSI) of 51 is above the neutral 50, indicating that buyers have overpowered sellers in the market over the last few hours.

The Moving Average Convergence Divergence (MACD) candles also crossed over into the bullish zone, flashing a buy signal on Sunday.

ASTER is currently retracing and could touch the $1.0 level before resuming its rally.

If the bullish trend continues, ASTER could surge towards the first major resistance and Transactional Liquidity (TLQ) level at $1.60 over the coming hours or days. An extended rally would allow ASTER to touch $1.89 for the first time since October 9.

However, failure to build on this momentum could see ASTER retrace further and retest the Sunday low of $0.90. An extended bearish action would see ASTER wipe out its recent gain and drop to the $0.85 support level. 

The current price action supports further upward movement, with the technical indicators also bullish.

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