$ASTER/USDT - The rebound faces the MA60 resistance test
The price of ASTER is up by +3.93% to $0.635 in an attempt to rebound. However, the price is now approaching the significant MA60 resistance at $0.644. This level has capped previous highs and aligns with a multi-week downtrend (7 days: -10.94%). Volume is high, indicating a struggle at this critical technical level.
Key levels:
Support: $0.606 (24-hour low)
Resistance: $0.644 (MA60) / $0.667 (24-hour high)
Trading idea (Short condition at resistance):
Entry area: $0.642 - $0.648 (at or near price rejection from MA60)
Stop loss (SL): $0.672 (above 24-hour high)
Take profit targets (TP):
TP1: $0.620 (initial support)
TP2: $0.606 (retest of 24-hour low)
TP3: $0.590 (extension of the bearish breakout)
Logic: The overall structure remains bearish across higher time frames. The MA60 acts as dynamic resistance, and the current rebound on lower volume compared to the average for 10 periods indicates weakness. This setup offers a good risk/reward ratio to open a short position on failure of the breakout.