Why ASTER Price Could Hit $3 Despite Crashing 10% In A Day

AsterDEX (ASTER) dropped over 10% in the past 24 hours. The altcoin now ranks as the second-biggest loser. ASTER price has enjoyed bullish momentum since its launch, but the day’s losses changed this outlook.

The crash was mainly attributed to the broader crypto market weakness and whale sell-off. However, prediction models from a popular analyst on CT suggested a potential bounce even past $3 before the year’s end.

This supported a previous prediction by The Market Periodical analysis, which eyed $4 by November. With that in mind, let’s explore the details of this crash and the potential recovery.

Why Did ASTER Price Crash?

The broader weakness in the crypto market added pressure to the ASTER price decline. Heavy selling by two major investors or institutions intensified the crash.

The two crypto addresses increased their selloff of ASTER, selling about 17.86 million tokens valued at $22.88 Million.

One of the whales was among the largest holders, owning 64.54 million ASTER. This, they initially acquired through the Gate exchange.

The address sold 58.61 million tokens for $92.25 million on Binance in the last week. The holdings were reduced to about 5.93 million ASTER and were likely to be dumped.

The other whale returned all 8.28 million ASTER tokens. He had purchased these tokens for $16.86 Million at an average price of $2.03 on Bybit three weeks prior. ASTER price at the time was $1.25, a loss of about $6.52 Million.

All these aggressive sales added to the market’s volatility during the downturn, resulting in a 10% crash. This prompted others to sell as investors monitored the activities of the big players closely for timed reversals.

ASTER Price Eyes $3 Crash: Here’s Why

Despite this 10% crash on the day, analysts were still confident that ASTER could hit $3 by the end of the year. BentoBoi’s prediction model shows that the ASTER price fractal has been unfolding steadily. It has followed the pattern since reaching a new peak shortly after launch.

As the chart indicated, ASTER had crashed to just above $1. Also, the model suggested that a slight dip below this level was imminent. However, this would be the time for reversal. Thereafter, ASTER would be expected to surpass $3 before the end of this year.

In the meantime, it was worth noting the models are not always right. Prices could drop and stay well below this potential turning point for extended periods if the general market remains weak.

Thus, traders needed to make their own sound decisions. However, the current levels were opportune for buying. Putting the numerical aspect aside, there was another metric that suggested the crash could end soon.

Weekly Top Trending Coins

Market sentiment is crucial in crypto, as communities drive the value of tokens. This week, ASTER led the top 20 trending coins by CoinGecko. This indicated firm conviction from traders. The altcoin was followed by Zcash and ChainOpera AI, which closed the best three.

This increase highlighted the increased influence of AsterDEX’s native token, despite recent whale sell-offs. When writing, ASTER showed its well-liked community by trending higher than established coins such as Bitcoin (BTC) and Ethereum (ETH).

Other prominent coins were Plasma (XPL), Sui Network (SUI), Bittensor (TAO), and Solana (SOL). With Aster taking the number one position, it indicated its increasing strength despite looming volatility for investors.

In conclusion, the 10% crash could be the drop just needed before a reversal back to a new high of $3 as predicted. Similarly, ASTER price had the potential to tank more.