Aster Price View As Whale Drops 3M Coins In Loss
A large investor dumped millions of ASTER tokens, resulting in a 22% loss in two weeks. ASTER's value has dropped below key levels, indicating a short-term bias. It also calms supply-side concerns by confirming that the Aster team has no plans to sell unlocked tokens.
The digital assets market continued to deteriorate on Wednesday, with the global crypto market capitalization at $2.94 trillion, having dipped 0.65% in the previous 24 hours.
Also, following a 0.30% decline on the daily chart, Bitcoin remained somewhat muted in the last day after the recent decline.
While most altcoins are looking to move forward after the recent broad-based crash, ASTER is experiencing renewed sales momentum as the big players exit.
The digital token has lost nearly 10% of its value in the past 24 hours, marking a steep downward trend.
According to Looonchain, one whale sold 3 million Aster coins today, worth approximately $2.33 million.
The entity made the transaction when the alt was selling for $0.78 per token.
Notably, the whale only picked up these marks two weeks ago and has now lost nearly 22 percent (or $667,000).
Such moves are often more than just bad trades.
In general, whale investors are high risk and intend to hold for the long term, perhaps until the asset matures.
Thus, when a large investor surrenders at a loss, it may indicate a lack of conviction on short-term price corrections.
Additionally, the exit was linked to a significant price cut for ASTER, highlighting the laden sentiments.
ASTER price analysis
The Aster native token is trading at $0.7475 after losing more than 8% of its value in the last 24 hours.
Daily trading volume has increased by approximately 45%, indicating that activity from participants may be exited before further declines.
Meanwhile, ASTER has breached the critical support zone at $0.81 – $0.82 and is poised to move into the upper supply range.
That suggests considerable bullishness, and any potential return to $0.80 could face severe selling pressure.
ASTER has briefly stopped at the previous dip and sellers are targeting $0.72.
Failure to attract enough buying activity on this signal could expose the altcoin to further declines towards the psychological zone of $0.70 in the near term.
Meanwhile, ASTER needs to recover $0.82 to turn bullish.
A break above $0.85 at high volume could support a bounce to $0.90 and clear the path to $1.
Aster Group increases community trust
Amidst the severe downward pressure, DEX has shifted focus to supply dynamics.
Earlier today, December 17, the team took it to X, confirming that the launch of the December Community and Ecosystem token was completed to address these concerns.
After three months of coin releases, they moved their unlocked assets to an address that now holds 235.2 million Aster coins.
In particular, he stressed that Aster has no immediate plans to roll out the open ASTER and that the team will meet in advance regarding future deployment plans.
While the known transfer does not add new supply to the floating tokens, it comes amid heightened uncertainty, with traders concerned about additional selling pressure as key holders withdraw.
