Can $1.7M in token burns help $ASTER regain bullish momentum?
Aster's recent burns have had quite an impact on the market.
After trading within a thin margin, ASTER finally found an upside footing and flipped the $0.6 resistance into support. In fact, the altcoin rose to a two-week high of $0.169 before retracing.
At the time of writing, ASTER was trading at around $0.607, marking a 1.05% hike on the daily charts. Over the same window, the altcoin’s trading volume climbed by 49% to $56 million, hinting at renewed market interest.
Why is the market rising though? Can it hold?
Although Aster has slowed down on buybacks, the market and ecosystem demand have recovered significantly. On the ecosystem’s side, Aster recorded positive USD inflows for two consecutive days, after seeing net USD outflows earlier.
Over this period, the network saw $22.7 million in USD Inflows. Positive USD inflows are evidence of more capital flowing into the protocol as more users engage.
That’s not all though as on the spot front, buyers also stepped in. Over the last 24 hours, the altcoin saw $5.43 million in Spot outflows compared to $5.07 million in Inflows.
As a result, the Spot Netflow fell 43% to -$358K, extending a week-long trend. This alluded to an uptick in market demand and potentially seller exhaustion.
As a result of this recovering demand, the upside momentum has been gradually strengthening. A look at the MACD indicator seemed to confirm this view too.
the altcoin also flipped both the 9 and 21-day MAs, indicating strong short-term momentum. These market conditions hinted at the likelihood of ASTER making some gains.
If demand holds and is boosted by recent token burns, ASTER will likely hold $0.6 and target a move above $0.64.
Aster's recent burns have had quite an impact on the market.
After trading within a thin margin, ASTER finally found an upside footing and flipped the $0.6 resistance into support. In fact, the altcoin rose to a two-week high of $0.169 before retracing.
At the time of writing, ASTER was trading at around $0.607, marking a 1.05% hike on the daily charts. Over the same window, the altcoin’s trading volume climbed by 49% to $56 million, hinting at renewed market interest.
Why is the market rising though? Can it hold?
Although Aster has slowed down on buybacks, the market and ecosystem demand have recovered significantly. On the ecosystem’s side, Aster recorded positive USD inflows for two consecutive days, after seeing net USD outflows earlier.
Over this period, the network saw $22.7 million in USD Inflows. Positive USD inflows are evidence of more capital flowing into the protocol as more users engage.
That’s not all though as on the spot front, buyers also stepped in. Over the last 24 hours, the altcoin saw $5.43 million in Spot outflows compared to $5.07 million in Inflows.
As a result, the Spot Netflow fell 43% to -$358K, extending a week-long trend. This alluded to an uptick in market demand and potentially seller exhaustion.
As a result of this recovering demand, the upside momentum has been gradually strengthening. A look at the MACD indicator seemed to confirm this view too.
the altcoin also flipped both the 9 and 21-day MAs, indicating strong short-term momentum. These market conditions hinted at the likelihood of ASTER making some gains.
If demand holds and is boosted by recent token burns, ASTER will likely hold $0.6 and target a move above $0.64.