- Aster (ASTER) and Telcoin (TEL) were the altcoins with the largest declines over the past 24 hours.
- The broader cryptocurrency market shows signs of weakness as Bitcoin’s price falls.
- Major altcoins are slipping while investor risk sentiment deteriorates.
The price of Aster plunged sharply as the token joined other losers such as Telcoin, both posting double-digit losses in the last 24 hours.
This sell-off came as Ethereum, XRP and Solana led declines among top altcoins following Bitcoin’s slide below $86,000.
ASTER and TEL face the risk of further losses as selling pressure increases, especially while BTC trades in negative territory despite a brief rebound above $86,000.
Risk-off sentiment taking hold of the market is an unfavorable backdrop for speculative altcoins, which often amplify losses when confidence wanes.
Aster falls 12% as bulls lose a key support
Aster extended losses for a third straight day, trading below the $0.80 level.
At the time of writing, ASTER is down more than 12%. A break under $0.77 could open the door to a deeper decline toward $0.54.
Momentum indicators reinforce this cautious outlook. On the four-hour chart, the Relative Strength Index (RSI) has moved into oversold territory.
While an oversold RSI can sometimes signal a potential bounce as selling pressure eases, it also leaves room for additional capitulation before a sustainable recovery can form.
The moving average convergence divergence (MACD) is also firmly negative. A recent bearish crossover confirms the dominance of downside momentum amid the wider market dynamics.
What could support ASTER bulls?
Like many emerging tokens, Aster has seen large profitable trades and heightened volatility.
Still, the decentralized perpetual exchange behind Aster announced developments that could help rebuild investor confidence over time.
One notable update is the introduction of Shield Mode, a protected trading mode the DEX plans to integrate into its perpetual platform.
Shield Mode is designed to allow traders to open and manage positions with greater privacy, among other key features.
The Aster team described the function as a way for traders “to pursue performance without revealing their next move — a protected execution mode today and an early building block for privacy features we are exploring with Aster Chain.”
Telcoin price at risk of further losses
Telcoin fell 12.7% at the time of Tuesday’s publication.
As shown in the chart below, the altcoin’s price extended recent declines amid general crypto market weakness.
TEL is down for a sixth consecutive day after turning negative when Bitcoin fell below $90,000.
Across the ongoing market correction, TEL has lost roughly 25% over the past week and recently slipped below September’s support at $0.0040.
If that psychological support fails, Telcoin could fall to $0.0027 and might even retest the November 2024 lows near $0.0014.
The daily chart shows bearish momentum accelerating: both the RSI and MACD are moving lower, with a recent bearish MACD crossover adding to downside pressure.
In the current environment, altcoins tied to speculative flows remain vulnerable to swings driven by Bitcoin’s price action and broader risk sentiment. Traders should weigh technical levels and any upcoming project-specific news when assessing potential downside or recovery scenarios for ASTER and TEL.