ASTER, the native currency of the Binance-supported decentralized exchange Aster, has emerged as the leading gainer today, soaring 20% in the last 24 hours. This surge has occurred even amid increased selling pressure throughout the wider crypto market.
With rising interest from “smart investors” and a general uptick in buying activity, ASTER is on track to reclaim its all-time high and possibly hit new price records.
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Two Bullish Signals Position ASTER for Further Gains
Data from the ASTER/USD 4-hour chart indicates a consistent rise in the token’s Smart Money Index (SMI) since its debut on September 17. This suggests that the price increase is being strongly supported by significant holders.
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Currently, the momentum indicator stands at 2.62, maintaining an upward trend.
Smart money refers to capital overseen by institutional investors or experienced traders who possess deeper insights into market dynamics. The SMI tracks their actions by examining intraday price fluctuations. It specifically analyzes morning selling, which is often driven by retail traders, and afternoon buying, where institutions are more active.
When this indicator trends upward, like it does with ASTER, it implies that smart money is accumulating the asset, suggesting further price increases.
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Furthermore, the configuration of ASTER’s Elder-Ray Index supports a bullish sentiment towards the altcoin among market participants. As of now, the indicator’s value is 0.53, above the zero threshold.
The Elder-Ray Index assesses the strength of bulls and bears in the market by comparing buying pressure (Bull Power) with selling pressure (Bear Power). When the value is positive, the market is experiencing more buying activity than selling, indicating a possible uptrend.
This reinforces the notion that ASTER is undergoing accumulation, bolstering the case for further price advancements.
Market Awaits Breakout or Correction
As of now, ASTER is trading at $2.2011, just below its recent price peak, which offers resistance at $2.2194. Should demand surge, the token could break past this barrier and achieve new all-time highs.
Conversely, should profit-taking begin, it could undermine this optimistic outlook. In such a case, ASTER may lose some of its recent gains and decline towards $1.8601.
