Between 3 and 5 a.m., ASTER plunged from 0.618 to 0.478, losing 22% in two hours. It’s now hovering around 0.50, its lowest price on Binance since February this year.
To be honest, this drop came as a bit of a surprise. Throughout October, it traded back and forth between 0.66 and 0.77. After falling below 0.68 on November 8, it never climbed back above that level. This time, it broke straight through support.
CoinGlass data: $7.76 million in liquidations over 24 hours, including $7.74 million in long positions. DeepSea also spotted an address that sold about 1.06 million tokens just hours before the sharp drop, cashing out for $677,000. On top of that, Season 6 airdrop claims are still open (reportedly around 63.38 million tokens, with claims closing on December 4), piling on the selling pressure.
Binance spot trading volume exceeded 28 million U in a single day, more than four times the daily average over the previous two weeks. The project team still hasn't said anything.
My take: with no hack or bearish announcement, it looks more like a pileup of leveraged longs getting liquidated all at once. But if the 0.49 level doesn't hold, the real question is who's going to step in next.
Do you think this is an opportunity now that leverage has been flushed out, or is the decline only just beginning?