- Aster price fell 20% to nearly $1 as sell-off pressure hit altcoins
- The altcoin touched an all-time high of $2.42 in September but has since retreated amid broader market selling.
- Altcoins are sliding as Bitcoin dropped below $106,000.
Aster’s (ASTER) parabolic gains of recent weeks have rapidly faded as the broader cryptocurrency market experiences sharp declines.
The governance token for the decentralized exchange fell nearly 20%, approaching the $1 support level as bulls succumbed to the wider sell-off dynamic.
Aster erased significant gains, and continued downside risk could give bears the upper hand.
Aster price extends decline amid 20% drop
With most cryptocurrencies in the red, Aster’s price plunged about 20% to lows near $1.08 on major exchanges and trading platforms.
After trading above $1.36, a double-digit drop over 24 hours left ASTER among the day’s biggest losers alongside Zcash, Mantle, SPX6900 and Morpho.
The sharp pullback continues several days of weakness as bulls failed to hold gains around $1.60.
The token had surged after bouncing from lows recorded during the broader crypto crash on October 10.
Over the past week Aster’s price fell more than 32% as profit-taking and macroeconomic headwinds weighed on sentiment.
The decentralized perpetuals and spot exchange built on the BNB chain had drawn notable attention from investors and traders.
Recent listings on major platforms such as Robinhood and Binance helped fuel earlier momentum for Aster.
However, that euphoria appears to be dissipating as selling pressure across cryptocurrencies intensifies.
Bitcoin dropped below $105,000 early Friday. When bears pushed to a low of $104,597 after a 4% decline in 24 hours, top altcoins fell sharply.
Ethereum, Solana and XRP slid to or below key support levels, amplifying the rout.
What’s next as Aster hovers near $1?
Aster is currently flirting with the psychological $1 mark.
This level is critical for bulls to defend if they want to avoid surrendering further ground.
Price action has recently consolidated just above this key boundary.
Price chartASTER from TradingView
A steep decline and a breakdown from a descending triangle suggest bulls could face more pain.
The token’s all-time high of $2.42 reached on September 24 remains well above current levels.
Technical indicators, such as the daily Relative Strength Index (RSI), place ASTER in oversold territory.
That implies exhausted selling could open the door for bulls to attempt a rebound.
Nevertheless, any additional downward pressure could trigger a breakdown of support at $1.00.
Coinglass data shows a sharp drop in Aster open interest, now around $477 million.
Bullish positions bore the brunt of the correction, with long liquidations accounting for almost 90% of total liquidations — more than $10 million of $12 million liquidated over the last 24 hours.
Short positions represented just $1.73 million of the total.
A decisive break back above $1.00 remains crucial for bulls to regain momentum.
Conversely, sustained selling below $0.85 would likely hand control to the bears.