- Aster (ASTER) and Telcoin (TEL) are the altcoins showing the sharpest declines over the past 24 hours.
- The wider cryptocurrency market is showing weakness amid a drop in Bitcoin’s price.
- Major altcoins are falling as investor anxiety rises.
Aster’s price plunged as the token joined coins like Telcoin in posting double-digit losses over the last 24 hours.
This occurred while 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 builds, especially because BTC continues to trade negatively despite a modest bounce back above $86,000.
Risk-off sentiment taking hold of the market is not a favorable sign for altcoins.
Aster falls 12% as bulls lose key support
Aster extended losses for a third consecutive day, dropping below the $0.80 threshold.
At the time of writing, ASTER is down more than 12%, and a break below $0.77 could open the path to a deeper slide toward $0.54.
Momentum indicators emphasize the cautious setup. On the four-hour chart, the Relative Strength Index (RSI) has entered oversold territory.
While that can sometimes signal a potential reversal if selling pressure eases, it also leaves room for further capitulation before a sustainable rebound develops.
Additionally, the Moving Average Convergence Divergence (MACD) indicator remains firmly negative.
A recent bearish crossover reinforces a dominant negative outlook amid broader market dynamics.
What could shore up Aster bulls?
Like many newer tokens, Aster is experiencing significant profit-taking.
However, the decentralized exchange has recorded key developments that could help restore investor confidence.
One such development is Aster’s announcement of Shield Mode, a protected trading mode the DEX plans to integrate into its perpetuals platform.
The feature allows opening and managing private positions, among other core offerings.
“Shield Mode is for traders who want performance without broadcasting their next move — a protected execution mode today and a first pillar for the privacy features we are exploring with Aster Chain,” the team posted on X.
Telcoin price faces further downside risk
Telcoin is down 12.7% at the time of writing on Tuesday.
As shown in the chart below, the altcoin’s price is extending recent losses amid broad weakness across crypto markets.
The TEL token has declined for a sixth consecutive day after losing momentum as Bitcoin fell below $90,000.
In the context of the ongoing market correction, TEL has lost 25% over the past week and has broken below the September support at $0.0040.
If that psychological support level gives way, Telcoin could fall to $0.0027 and potentially retest the November 2024 lows near $0.0014.
The daily chart indicates that bearish momentum for the token is accelerating. A falling RSI and MACD, which recently produced a bearish crossover, add to that negative outlook.