- Aster DEX launched on March 17 with zero-knowledge privacy, but the token slipped below $0.70 on bearish market.
- The token had a 10% rally before the mainnet launch, and sellers drove a 15% retracement from $0.79.
- Announcement of a partnership with WLFI and USD1 listing did not affect the price.
Aster’s hope of gaining mainstream acceptance post the DEX’s mainnet launch on the 17th March seems like a lost bid as its token struggles to maintain the $0.70 level. The DEX (Decentralized Exchange) aimed to bring a zero-knowledge protocol to its user base to enhance on-chain privacy. However, the dip in its prices and the overall bearish sentiment in the crypto market on 19th March had an impact on the token price.
$ASTER Token retreated from the psychological resistance at the $0.80 mark after the mainnet activation, earlier this week. The retracement comes after a rally in which the token tested the supply zone near the $0.79 level and showed correction with a pullback to the $0.675 level.
What Caused the Slump in $ASTER?
The phrase at the wrong place at the wrong time seems apt for the Aster mainnet launch, as it coincided with the FED’s FOMC decision not to cut interest rates in 2026. The cause and effect translated in the crypto market as Bitcoin and the majority of other tokens experienced a 5% correction, which also impacted the Aster Token.
However, another catalyst for the fall in price is the selling pressure in the token after the 10% rally 24 hours before the mainnet launch. Investors booked profits, leading to a 15% fall from $0.79 to $0.675.
There was also an announcement regarding the blockchain’s expansion with World Liberty Financial’s (WLFI) to integrate its USD1 stablecoin perpetual contracts. The partnership also enables users to earn rewards for holding WLFI and reduced fees for trading USD1.
Despite the hype, the community’s wider confusion and panic selling also prompted the price dip. Historically, a major mainnet launch has pushed the native tokens’ price higher, but in Aster’s situation, the opposite has come true.
Aster Price Chart Analysis
At press time, Aster Token is trading at $0.6760. If we look at the 1-hour time frame on the Aster price chart, a shift in near-term momentum is clearly visible. Due to the aggressive rejection, we see a steep descending structure formed by the red line on the chart.
The green dotted line at $0.6735 is a crucial support level for the token. It is a point where bulls could break structure and either preserve the price or initiate a rally. Below this level, the price could plunge towards the liquidity pool at the $0.64 mark.
However, the recent rejection at the $0.676 mark shows some positive movement and does not go below the green trend line. The crossover between the red and the green trend lines suggests a volatile breakout is highly possible if the price stays above the green line.
Editor’s Note
Aster has shown promise in the tech and user-driven approach, which has given the blockchain a positive outlook in the crypto community. But emotions have no place in crypto trading, and the project’s native token is in rough waters.
If the 1-hour candle gives a confirmed close below the $0.6735 support, it will cause a liquidity sweep by leaving the macro-structure compromised. The bears will take over the chart till the liquidity pool is breached.
For the bulls to regain footing in Aster’s price battle, a convincing high-volume breakout above the $0.710 resistance level must be fulfilled. A possible rally toward the $0.80 range is possible only when the technical barrier set above the resistance is breached.
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