UNIVERS OF SIGNALS| ASTR: Key Support Levels and Market Momentum👋 Welcome to UNIVERS OF SIGNALS !
In this analysis, I want to review ASTR, one of the coins in the Ethereum ecosystem, currently ranked 159th on CoinMarketCap with a market cap of $297 million.
📅 Daily Timeframe
On the daily timeframe, as you can see, the price is in a long-term downtrend. The first bearish leg started from the $0.1907 high and moved down to the $0.0505 level. After this move, the price formed a consolidation box between $0.0505 and $0.0813. Once $0.0505 was broken, the price dropped further to the key support at $0.0369.
⚡️ As highlighted on the chart, there is a critical demand zone near the $0.0369 level. If the price breaks below this zone, it could register a new all-time low (ATL), which could put serious pressure on the project’s outlook.
📊 As observed, market volume within the consolidation box was decreasing. However, after the breakout, volume increased. Now that the price is ranging again, volume is dropping once more. If RSI enters the oversold zone and breaks below the 30 level, the likelihood of breaking $0.0369 significantly increases, which could trigger a strong downward momentum, leading the price toward new lower targets.
📈 On the bullish side, if the $0.0369 support holds and pushes the price upward, the first long trigger we can consider is $0.0505. We can also confirm bullish momentum from RSI if it breaks above 54.14.
⏳ 4-Hour Timeframe
Now, let’s examine the 4-hour timeframe for a more detailed view of price action. As you can see, the price has formed a ranging box between $0.0369 and $0.0499.
🧲 At one point, the price attempted to break above this range, even forming a higher high and higher low, but failed. After a fake breakout, a double top pattern was confirmed, and when the neckline broke, the price moved downward, reaching the $0.0369 zone once again.
✅ This $0.0369 level remains crucial, as it could keep the price in the current range or push it upward once again.
🧩 However, as seen on the chart, green candles have significantly lower volume than red candles, indicating that bears still dominate the market. The possibility of breaking below this support remains high.
📉 For short positions, the break of $0.0369 would be a strong confirmation. However, keep in mind that below this level lies a strong demand zone, meaning that a reversal could happen at any time. It’s crucial to manage risk carefully when entering shorts.
🔼 For long positions, assuming the previous bullish move was a fake breakout, a break above $0.0419 would be a reasonable entry. However, a more secure long trigger would be at $0.0456.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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