The cryptocurrency market shows signs of cooling after a recent rally, but interesting trends are emerging for certain altcoins.
Current State of the Cryptocurrency Market
After reaching a recent high of $124K, Bitcoin (BTC) has retreated to $119K. This is a less optimistic trend as the cryptocurrency world experiences some instability, affecting most major altcoins including Astar (ASTR), which is currently down around 3%.
ASTR's Pattern and Its Analogy with SKL
Despite short-term fluctuations, ASTR's chart is beginning to resemble a bullish rally pattern, similar to the one constructed for Skale (SKL). Recently, SKL completed a textbook falling wedge, a well-known bullish reversal pattern. After breaking out from this level, SKL's price surged by 148% in just a few days. ASTR has also broken out of its falling wedge and established higher highs and higher lows.
Future of ASTR: Forecast and Expectations
To confirm the bullish pattern, ASTR needs to push decisively above the 200-day and 100-day moving averages. A successful breakout could pave the way for a rise to $0.050, representing approximately 100% upside from current levels. However, until that breakout is confirmed, traders should remain patient, considering the possibility of extended consolidation or a false move.
ASTR's current structure closely mirrors SKL's pattern, making the bullish case realistic and promising. Investors should keep an eye on developments.
