ASTR/USDT shows prolonged consolidation within a descending triangle, which is forming against a long-term bearish trend.
Key technical points:
1️⃣ Resistance: The upper line of the triangle, which coincides with the descending trendline, limits upward impulses. The current resistance level is around $0.081-$0.083.
2️⃣ Support: The global support zone at $0.065-$0.066, where the price has found support for a long time.
3️⃣ Ichimoku Cloud: The price is trading below the cloud, indicating a continued bearish sentiment. A breakout through the cloud will be the first signal of a possible reversal.
4️⃣ Moving Averages: MA(7) and MA(25) remain below the long-term MA(99), indicating weakness of the asset in the medium term.
Important scenarios:
✅ A breakout upwards from the triangle with a hold above $0.085 could trigger active movement towards the next resistance around $0.100.
❌ A breakdown below the key support zone of $0.065 will increase the likelihood of testing the level of $0.050 and below.
Recommendations:
For a more confident entry, traders should wait for confirmation in the form of increased volume and a price breakout from the current triangle. Pay close attention to support and resistance zones, as they determine the further price movement.
Which scenario do you think is most likely? Share your thoughts in the comments! 🚀