ASTER, the native coin of the Binance-backed decentralized exchange Aster, has emerged as today’s top gainer, rallying 20% in the past 24 hours. This has occurred despite heightened sell-side pressure across the broader crypto market.
With climbing demand from “smart investors” and a broader uptick in buying across the market, ASTER is poised to reclaim its all-time high and potentially register new price peaks.
SponsoredTwo Bullish Signals Put ASTER in Position for Further Gains
Readings from the ASTER/USD 4-hour chart show a steady uptick in the token’s Smart Money Index (SMI) since its launch on September 17. This signals that the price surge receives strong backing from key holders.
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As of this writing, the momentum indicator is at 2.62 and remains in an uptrend.
Smart money refers to capital managed by institutional investors or seasoned traders with deeper insight into market trends and timing. The SMI tracks their activity by analyzing intraday price movements. Specifically, it compares morning selling, when retail traders dominate, to afternoon buying, when institutions are more active.
When this indicator trends upward, as with ASTER, it indicates that smart money is accumulating the asset, hinting at further rallies.
SponsoredMoreover, the setup of ASTER’s Elder-Ray Index confirms the bullish bias toward the altcoin among spot market participants. As of this writing, the indicator’s value is 0.53, above the zero line.
The Elder-Ray Index indicator measures the strength of bulls and bears in the market by comparing buying pressure (Bull Power) and selling pressure (Bear Power). When the value is positive, the market is experiencing more buying pressure than selling, suggesting a potential uptrend.
This confirms that accumulation is underway for ASTER, strengthening the case for further price gains.
Market Awaits Breakout or Correction
At the time of writing, ASTER trades at $2.2011, resting just below its newly formed price peak, which forms resistance above it at $2.2194. If demand rockets, the token could break above this barrier to register new all-time highs.
However, if profit-taking commences, it could invalidate this bullish outlook. In that scenario, ASTER could shed some recent gains and fall toward $1.8601
