Although ASTER has seen a short-term rebound, the price has not yet returned above 0.65, and market sentiment has not significantly recovered. The combination of declining trading volume, large on-chain holders reducing their positions, and bearish signals in derivatives casts doubt on the sustainability of this rebound.
0.65 remains a short-term dividing line.
As of June 8, ASTER was trading at $0.632, down 1.75% in the last 24 hours. Over the past two days, the token had rebounded by more than 8%, but had not yet recovered the $0.65 level it had previously lost.
From a technical perspective, ASTER previously broke below the parallel channel and has since lost key support on the daily chart. The current price remains below this level, indicating that the downtrend has not yet been reversed.
If the price fails to rise above 0.65, the market will continue to focus on the next support area around $0.467. Only a return above 0.65 could ease the current bearish trend.
Trading volume and trend strength are weak.
While prices rebounded, market participation did not keep pace. Data shows that ASTER's trading volume declined by more than 22%, falling to $99.97 million, indicating that chasing prices was not a strong strategy.
In terms of technical indicators, ASTER remains below its 200-day exponential moving average, indicating a continued weak medium-term trend. Meanwhile, the ADX is at 19.37, below the common trend strength reference line of 25, suggesting that while volatility exists, the trend is not strong.
Major investors reduced their positions, but the overall portfolio remains bearish.
On-chain data also shows that large holders are still reducing their exposure. Nansen data shows that the top 100 addresses collectively reduced their holdings by 269,099 ASTER, reflecting that some large holders continued to reduce their positions during the decline.
Position distribution in the derivatives market is also cautious. CoinGlass data shows that the ASTER long/short ratio has fallen to 0.9646, with short positions slightly exceeding long positions.
- Long positions around $0.613 amount to approximately $1.01 million.
- Short positions around $0.648 amount to approximately $1.27 million.
Overall, neither the spot nor the derivatives markets have given clear signs of a strengthening trend. Whether the 0.65 level can be recovered remains a crucial point to observe in determining ASTER's short-term direction.
