ASTER, the native token of the decentralized exchange Aster, experienced a slight price increase following a brief market rebound. Recently, the Aster price has remained above the $1.00 support level, with bulls eyeing a potential breakout.
Aster buyback wallet had just burned 77.86 million ASTER tokens that are priced at around $79.81 million.
Although the crypto market has gone slightly down in the last 24 hours, most leading coins are remaining steady.
Bitcoin price is trading above $92,000, Ethereum is trading around $3,100, and XRP is trading above $2.
Aster Burns 77.86 Million Tokens
Aster made waves today by burning 77.86 million ASTER tokens, worth $79.81 million. This action is the S3 buyback program that has currently taken out of circulation 155.7 million tokens. This is aimed at decreasing the supply and enhancing scarcity, in the long term, benefiting the long-term holders.
Besides the burn, tokens were also transferred to an airdrop-locked wallet. This will further constrain supply and will aid in increasing the value of the token.
In the meantime, a single whale investor who recently suffered a loss of $150K purchased 3 million tokens of the ASTER in less than 24 hours. This has helped in creating a favorable market mood.
ASTER tokens have done greatly with 133% growth in wallet balances. The price of Aster has increased over the last 2 days, which is caused by the activity of whales and the support of such prominent people as CZ. This has seen a high bullish mood with 88 percent of the investors being confident.
ASTER is very concentrated, with a supply amounting to 7.785 billion tokens, where the top 100 holders hold 85% of the supply. Analysts believe that the burn and buyback operations will increase prices by 20-40% in the next few days.
Will Aster Price Break Through $1.5 Resistance?
As of the reporting, the ASTER price stands at $1.038, marking a slight decrease of 0.38%.
In the past four-hour trading window, the Aster price has fluctuated within a key price range, facing resistance at levels of $1.2 and $1.5.
The Chaikin Money Flow (CMF) is in the positive arena and stands at 0.13, which is an indication that there is a flow of buying pressure.
Source: ASTER/USD 4-hour chart: TradingviewThe Moving Average Convergence Divergence (MACD) also shows positive momentum. The MACD line is above the signal line, and this can be an indicator of a possible bullish mood.
A potential upside target lies at $1.2 and $1.4. While the downside risk appears to be protected by support at $1.0. These levels will likely dictate the next significant price movement for ASTER.
Source: https://coingape.com/markets/aster-price-outlook-as-buyback-wallet-burns-77-86m-aster-worth-79-81m/
