- Aster (ASTER) and Telcoin (TEL) are the altcoins with the sharpest declines over the past 24 hours.
- The wider cryptocurrency market is showing weakness amid Bitcoin’s price drop.
- Top altcoins have slipped as investor nervousness continues to build.
The price of Aster plunged as the token joined other names like Telcoin in registering double-digit losses over the last 24 hours.
This slump came as Ethereum, XRP and Solana led major altcoins lower after Bitcoin (BTC) slipped below $86,000.
ASTER and TEL face the risk of further losses as selling pressure mounts, particularly while BTC trades under pressure despite a short-lived move back above $86,000.
The risk-off sentiment taking hold of the market does not bode well for altcoins in the near term.
Aster falls 12% as bulls lose key support
Aster extended losses for a third consecutive day, slipping below $0.80.
At the time of writing, ASTER is down more than 12%. A break beneath $0.77 could open the door to a deeper decline toward $0.54.
Momentum indicators underline the cautious outlook. On the four-hour chart, the Relative Strength Index (RSI) has moved into oversold territory.
While oversold readings can sometimes precede a rebound as selling pressure eases, they can also leave room for further capitulation before any sustained recovery occurs.
Additionally, the Moving Average Convergence Divergence (MACD) indicator remains firmly negative.
A recent bearish crossover confirms dominance of a negative outlook amid broader market dynamics.
What could support ASTER bulls?
Like many newer tokens, Aster has seen significant profit-taking.
However, the decentralized perpetual exchange has rolled out important developments that could help restore investor confidence.
One notable update is Aster’s announcement of Shield Mode, a protected trading feature the DEX plans to integrate into its perpetuals platform.
The feature allows for opening and managing private positions among other privacy-focused capabilities.
“Shield Mode is for traders who want performance without broadcasting their next move—a protected execution mode today and an early building block for privacy features we are exploring with Aster Chain,” the team posted on X.
Telcoin price faces greater downside risk
Telcoin was down 12.7% at the start of trading on Tuesday.
As shown in the chart below, the altcoin’s price extended recent losses amid broad crypto weakness.
The TEL token is down for a sixth straight day after turning negative when Bitcoin fell below $90,000.
Amid the ongoing broader market correction, TEL has fallen about 25% over the past week and has broken below the September support near $0.0040.
If this psychological support level fails, Telcoin could slide to $0.0027 and may ultimately test the November 2024 low near $0.0014.
The daily chart shows bearish momentum accelerating for the token: a declining RSI and a MACD that recently produced a bearish crossover contribute to the negative outlook.