According to reports from AMBCrypto, ASTER recorded a 6% surge in the last 24 hours with daily trading volume increasing by 75%. The altcoin managed to push past the $0.74 mid-range resistance, marking a significant breakthrough from its recent consolidation phase. The price movement comes amid broader altcoin market enthusiasm, with the altcoin market cap (including Ethereum) staying around the $1.14-$1.15 trillion region over the past week. As per CoinMarketCap, the altcoin enthusiasm across the market could propel ASTER higher in the coming sessions. Latest trading data shows ASTER increased by 5.13% to $0.7640 as Bitcoin traded near $83,700, maintaining support above $82,000. The altcoin's trading range was $0.7228 to $0.7790 with high volume around $220 million, lifting it above the midpoint of its recent range.
As reported by AMBCrypto, Bitcoin bulls have maintained strong support at the $83K zone for the past week, adamantly refusing sellers access below $82K and potentially making a push below $80K. This Bitcoin resilience has provided crucial support for altcoins, helping them steady their market position. The sustained Bitcoin strength has created a favorable environment for altcoin recovery, with ASTER benefiting from the broader market stability. However, ASTER lacked a strong price trend in July and a good part of August, with the consolidation phase giving way to a bullish expansion only recently.
According to the technical analysis from AMBCrypto, the $0.403 and $0.813 levels marked the swing points from the start of the year and represent the latest relevant levels for the bearish swing structure. The swing high was tested in August, but a candle close above it did not occur. The uptrend in August gave way to a range formation between $0.67 and $0.81, with the past 24 hours' gains propelling ASTER above this resistance level. The DMI showed a bullish trend in progress, though until a candle close above $0.813 occurs, long-term traders can maintain a cautiously bearish bias. At press time, the long-term ASTER trend still wasn't bullish, with the 3-day chart providing a clear picture of what the bulls needed to flip the structure. Traders are advised to watch the $0.67-$0.81 range closely, as a breakout above $0.813 could signal a significant trend shift.
As reported by AMBCrypto, despite the increased daily trading volume, the 3-day volume trends were barely able to exceed the 20-period moving average in September. The relatively low volume and wicks to the upside prevented the A/D indicator from climbing higher. The technical indicators on the 4-hour chart supported bullish momentum and increased buying pressure. A breakout past $0.813 would signal a long-term trend shift, while traders can anticipate a sustained move back to the range highs. The technical indicators on the 4-hour chart supported bullish momentum and increased buying pressure, with the uptrend in August giving way to the current range formation structure.
