Aster (ASTER) has re-emerged as one of the most closely watched cryptocurrencies after a blistering September rally, followed by a corrective phase that now appears to be ending. With technical indicators flashing bullish signals and key resistance levels under pressure, ASTER may be primed to set a new all-time high before the end of October.
Breakout Follows September Surge
The ASTER token drew significant attention in late September after endorsements from Binance founder Changpeng “CZ” Zhao sparked a buying frenzy. Between 20 and 25 September, the token skyrocketed by an eye-watering 350%, hitting a record high of $2.44.
However, profit-taking quickly followed. ASTER entered a downward corrective structure, sliding inside a descending parallel channel. By 1 October, the price had dropped to a low of $1.51. This correction intensified after a failed breakout attempt on 30 September, which confirmed the $1.95 horizontal zone as a strong resistance area.
Despite this, the selling pressure did not force the price below the channel’s boundary. Instead, ASTER found support near the channel’s midline and began to recover in early October. Today, the token has broken above the descending channel, once again testing the $1.95 resistance zone.
Technical Indicators Point to Renewed Bullish Trend
Market sentiment appears to be turning in Aster’s favour. The Relative Strength Index (RSI), a widely used momentum indicator, has climbed above 50 and is trending upwards. This shift signals that buyers are regaining control of the market after weeks of consolidation.
ASTER/USDT Six-Hour Chart| Credit: TradingView
The breakout from the descending channel reinforces this bullish outlook. Historically, such breakouts often mark the end of corrective cycles, paving the way for renewed upward momentum. For ASTER, holding above the $1.95 resistance would confirm the breakout’s validity and strengthen the case for a fresh rally.
Wave Count and Fibonacci Levels Support Higher Targets
A closer analysis of Aster’s wave structure adds further weight to the bullish thesis. According to Elliott Wave theory, ASTER has completed an A-B-C corrective pattern, with wave B forming a symmetrical triangle. This formation strongly suggests that the correction phase has run its course.
ASTER/USDT Six-Hour Chart| Credit: TradingView
Waves A and C also appear to be of similar length, a factor that often validates the completion of corrective structures. Furthermore, ASTER’s correction bottomed out precisely at the 0.5 Fibonacci retracement level, a zone often associated with strong bullish reversals.
If ASTER clears the $1.95 resistance, the next major target lies near the 1.61 external Fibonacci retracement level, positioned at $3.01. This price point represents a potential 50% gain from current levels and would mark a new all-time high for the token.
October Outlook: New Highs in Sight
As October progresses, all eyes are on whether ASTER can decisively break through its $1.95 hurdle. If successful, the stage will be set for a powerful rally towards the $3.00 mark. Technical indicators, wave counts and Fibonacci levels all align to support this scenario.
Conversely, failure to hold above $1.95 could see ASTER retrace back toward its recent lows. Even so, the token’s resilience during its corrective phase and its swift recovery suggest that bulls currently have the upper hand.
With momentum building and investor interest reignited, ASTER appears poised for another major move in October. If the breakout sustains, the token could establish a fresh all-time high in the weeks ahead, cementing its status as one of the standout performers in the cryptocurrency market.
