The cryptocurrency ASTER is facing renewed selling pressure after failing to break through the $0.80 resistance level for a third time. At press time, the token traded at approximately $0.68, with its 24-hour trading volume dropping over 35%. Technical indicators, including a declining RSI and the price sitting below key moving averages, signal weakening market participation and continued bearish pressure.
ASTER is currently trading near support levels after failing to break through a significant resistance level that has been in place since December. According to CoinMarketCap, the token is trading at $0.6839 at press time.
Crypto analyst Ardi highlighted that ASTER again failed to break through the $0.80 price level. The price level has been tested several times after breakouts, but it has failed to gain traction.
Ardi also noted that if the price had been able to break through this point, it would have been a confirmation of the macro inverse head-and-shoulders pattern. The price level of $0.40 would have been the cycle low.
Currently, ASTER is trading around the lower end of its previous consolidation range. The analyst also mentioned that traders who entered the market at levels above resistance are in loss.
Data shows a decline in derivatives activity, with future volume down by 47.56% to $470.30 million. The open interest also declined by 1.93% to $400.09 million.
The Relative Strength Index (RSI) is at 45.54, remaining below the neutral level of 50. The 20-day and 50-day Exponential Moving Averages are positioned above the current price.
The current price has continued to remain below the 100-day EMA, which is at $0.775. This reflects a broader bearish structure in the market.
