- Aster price plunged about 20% to near $1 as selling pressure hit altcoins
- The altcoin reached an all-time high of $2.42 in September but has since fallen amid broader sell-offs.
- Altcoins are dumping while Bitcoin slides below $106,000.
The parabolic gains of Aster (ASTER) over recent weeks have quickly faded as the cryptocurrency market turns red.
The governance token for the decentralized exchange dropped nearly 20% toward the $1 support level as bulls gave way to broader selling dynamics.
Aster has wiped out significant gains, and continued market pressure could hand control to the bears.
Aster price extends decline amid 20% drop
With the crypto market in the red early Friday, Aster’s price fell 20%, hitting lows around $1.08 on major exchanges and trading venues.
After trading above $1.36, double-digit losses over the past 24 hours left ASTER among the biggest losers alongside Zcash, Mantle, SPX6900 and Morpho.
The sharp sell-off extends a multi-day decline after bulls failed to hold gains near $1.60.
The token had been moving toward that level after bouncing from lows during the crypto crash on October 10.
Over the past week Aster’s price has dropped more than 32% as profit-taking and broader macroeconomic pressure weighed on sentiment.
The next-generation decentralized perpetuals and spot exchange built on BNB Chain had earlier attracted strong attention from investors and traders.
Aster’s rapid rise was further amplified by recent listings on major platforms such as Robinhood and Binance, which helped fuel earlier momentum.
That euphoria appears to be fading as selling pressure across cryptocurrencies increases.
Bitcoin plunged below $105,000 early Friday. When bears pushed a low of $104,597 after a 4% decline in 24 hours, top altcoins tumbled.
Ethereum, Solana and XRP all slipped to or below key support levels, intensifying the market rout.
What if Aster revisits the $1 level?
Aster’s price is currently flirting with the psychological $1 threshold.
This is a crucial level bulls must defend to avoid ceding further ground.
Prices, as shown in the chart below, have recently consolidated just above this critical mark.
ASTER price chart by TradingView
However, the steep drop and the breakdown of a descending triangle pattern mean bulls face the risk of further pain.
The token’s all-time high of $2.42 on September 24 now looks distant.
That said, technical indicators such as the daily Relative Strength Index (RSI) on ASTER show the token in oversold territory.
This suggests exhausted selling could give bulls a chance to mount a recovery.
Still, further downward pressure could shatter the $1.00 support.
Data from Coinglass show a sharp fall in open interest for Aster, now around $477 million.
Bullish positions bore the brunt of the correction, with long liquidations accounting for nearly 90% of total liquidations — more than $10 million of the $12 million liquidated in the past 24 hours.
Short positions accounted for only about $1.73 million of the total.
For bulls, a decisive breakout above $1 remains critical to regain momentum.
Conversely, sustained selling below $0.85 would likely hand control to the bears.