Aster [ASTER] extended its price recovery, rising to a two-month high of $0.78 before retracing. At press time, ASTER traded at $0.74, up 7.48% on the daily charts.
At the same time, the altcoin’s trading volume climbed 342% to $344 million, indicating elevated market activity. Aster rallied, primarily driven by speculation about Binance’s new product, Haystack, which is set to launch on the 1st of June.
The community buzz centered on the anticipation that the product would involve tokenized stock trading or other equity products. Such products will directly benefit ASTER through its 24/7 perpetual stock exchange.
As a result, traders rushed into the market to accumulate and position themselves strategically, awaiting the major reveal. However, Binance is yet to clarify which products will be launched, leaving the crypto community to speculate.
ASTER whale opens $1.4M long
With the altcoin showing strong upside strength, demand for the futures positions, especially from whales, recovered significantly.
Lookonchain reported that a whale, after suffering heavy losses from HYPE shorts, shifted to ASTER.. The whale then opened a 5x leveraged long on 1.98 million ASTER worth $1.4 million.
With ASTER falling from $0.78, the whale is already down $20k and has spent $129 on funding during the volatility. The whale’s long flip indicates strong market confidence and an eye on the current trend’s continuation.
Demand for Futures surges
In addition to this whale, investors have shown increased appetite for leverage positions. As ASTER showed strong upside momentum, traders continued to open new positions.
As a result, the altcoin’s Open Interest (OI) rose 22% to $475.6 million, while the Derivatives Volume climbed 356% to $1.1 billion as of writing.
Such a jump in OI and volume confirmed this newfound demand for Futures positions. Meanwhile, the Long/Short Ratio surged to 1.008, with the Binance ratio holding above 2.
With the ratio hitting such high levels, it suggested that traders mostly opened long positions. A higher demand for longs indicated that traders were bullish and anticipated the market would continue to rise.
Can demand help ASTER sustain its recovery?
ASTER’s upside momentum strengthened significantly, driven by rising speculative demand. The altcoin’s momentum indicators validated this strength.
In fact, at press time, the Positive Index (+DI) of the Directional Movement Index (DMI) rose to 38, while the ADX jumped to 28. With ADX and +DI rising in tandem, this reflects a strong upward momentum.
At the same time, the Stochastic RSI also rose to 75, further confirming the trend’s strength. These two indicators show the trend is likely to continue.
Thus, if the community hype holds, ASTER is likely to clear the $0.79 resistance, flip $0.8, and eye $0.90. However, if the speculation fades, the altcoin will drop to $0.67.
Final Summary
- Aster printed double digit gains, surged to a two-month high of $0.78 before slightly retracing to $0.74 at press time.
- ASTER rebounded, largely driven by speculation about Binance’s new product, Haystack,.
