- Aster (ASTER) and Telcoin (TEL) are the altcoins that posted the sharpest declines over the past 24 hours.
- The broader cryptocurrency market is showing signs of weakness amid a pullback in Bitcoin’s price.
- Top altcoins fell as investor unease intensified.
Aster’s price plunged sharply as the token joined peers like Telcoin in recording double-digit losses over the last 24 hours.
This sell-off accompanied declines among major altcoins such as Ethereum, XRP, and Solana, which trimmed recent gains after Bitcoin (BTC) slid below $86,000.
Both ASTER and TEL face the risk of further losses as selling pressure mounts, especially with BTC trading in negative territory despite a modest bounce above $86,000.
A prevailing risk-off sentiment in the market is unfavorable for most altcoins.
Aster falls 12% as bulls lose key support
Aster extended losses for a third consecutive day, dropping below the $0.80 level.
At the time of writing, ASTER was down more than 12%. A break beneath $0.77 could open the way to deeper declines toward $0.54.
Momentum indicators emphasize a cautious outlook. On the four-hour chart, the Relative Strength Index (RSI) has moved into oversold territory.
While oversold readings can signal a potential reversal if selling pressure eases, they can also leave room for further capitulation before a sustained rebound can take place.
In addition, the Moving Average Convergence Divergence (MACD) remains deeply negative.
A recent bearish crossover underscores the dominance of downside momentum amid broader market dynamics.
What could support ASTER bulls?
Like many newer tokens, Aster has seen substantial profit-taking.
There are, however, developments on its decentralized perpetual exchange that could bolster investor confidence.
One notable update is Aster’s announcement of a “Shield Mode” — a protected trading mode the DEX plans to integrate into its perpetuals platform.
This feature will allow for the opening and management of private positions, among other core offerings.
“Shield Mode is for traders who want performance without broadcasting the next move — a protected execution mode today and an initial building block for the privacy features we are exploring with Aster Chain,” the team posted on X.
Telcoin price at risk of further losses
Telcoin fell 12.7% at the time of reporting on Tuesday.
As illustrated in the chart below, the altcoin extended recent losses amid the broader crypto downturn.
TEL has declined for six straight days after turning negative when Bitcoin slipped below $90,000.
Amid the ongoing market correction, TEL has lost roughly 25% over the past week and recently broke below the September support at $0.0040.
If this psychological support gives way, Telcoin could slide to $0.0027 and potentially retest the November 2024 lows around $0.0014.
Daily charts show bearish momentum accelerating for the token. A falling RSI and a MACD that recently produced a bearish crossover reinforce this negative outlook.