AirSwap’s token (AST) shows significant growth due to renewed whale interest and coinciding positive technical signals.
Rise of AST Token
According to CoinGecko, AirSwap (AST) reached an intraday high of $0.071 on June 23, rising 255% from its year-to-date low of $0.020. While the overall crypto market cap dropped about 3% to $3.2 trillion, including declines of major assets such as Bitcoin and Ethereum, the AST token surged amid whale interest.
Technical Analysis of AST
Currently, the price of AST stands at $0.051, equating to a daily increase of about 51%. Technical indicators suggest the token could continue to rally. Specifically, it has decisively broken out from a multi-week descending channel, typically seen as a reversal signal, and completed a breakout from a bull-flag pattern, indicating further upward momentum. The token is trading above both the 50-day and 200-day simple moving averages, which is a bullish indicator.
Risks and Project Developments
However, there are risks for investors, as data shows that the top 10 holders currently control nearly 80% of the circulating supply. This high concentration may lead to sudden sell-offs or price manipulation. Additionally, the AirSwap team has scheduled a community call on June 25, which may rekindle interest across the project’s ecosystem.
The AST token exhibits confident technical signals, yet high holder concentration and external market factors may affect its stability.
