Key Takeaways:
- ASTER fell 15% to $0.61, triggering $4.6 million in long liquidations
- Open Interest dropped 18.8% to $309.1 million as traders cut exposure
- RSI fell from 87 to 54, with $0.59 support and $0.65 resistance
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ASTER slides 15% as $4.6M long liquidations trigger panic exits
ASTER fell 15% to $0.61 on Aug. 23, triggering $4.6 million in long liquidations as traders exited positions after a broader crypto market retracement.
According to CoinGlass data, over $4.6 million in long positions were liquidated over the past 24 hours. The long squeeze prompted other traders to close positions preemptively, with ASTER's Open Interest dropping 18.8% to $309.1 million and derivatives volume plunging 47% to $434 million.
The token had rallied heavily on Aug. 21 on optimism over regulation for decentralized perpetuals exchanges after Trump announced the CFTC was working to bring Hyperliquid into U.S. markets. But renewed trade tensions between the U.S. and Canada reversed the broader market, dragging ASTER from $0.77 through the $0.70 support level to a low of $0.61.
As of 06:00 UTC, ASTER traded at $0.63, down 8.3% on the daily chart, with trading volume down 50%.
Derivatives data shows aggressive selling
Coinalyze data shows Perpetuals Sell Volume rose to $28 million while buy volume dropped to $17.8 million, pushing delta volume to -$10.2 million with net buying at -$28 million. Futures outflows rose to $80.4 million while inflows dropped to $66.6 million, with netflow at -$13.76 million.
When derivative markets see such extreme selling pressure, speculation has faded. Traders exiting the market often triggers price shock, causing further drops.
Technical levels to watch
ASTER's Relative Strength Index dropped from 87 to 54, indicating weakening momentum. While still above 50 — meaning buyers remain active — a drop below that threshold would confirm a bearish trend. If pressure continues, ASTER could fall below $0.60, with $0.59 as key support. A daily close above $0.65 would invalidate the bearish outlook.
The selloff in ASTER mirrors broader weakness across small-cap altcoins as risk appetite contracts. Bitcoin dominance at 59.21% suggests capital is rotating toward the largest crypto asset rather than speculative tokens. The broader crypto market cap fell 3.55% to $2.596 trillion, with 18,630 active currencies tracked.
For traders, the key question is whether ASTER can hold above $0.59. If the RSI drops below 50 and the token loses that support level, the next leg down could accelerate as remaining leveraged longs are flushed out. Conversely, a daily close above $0.65 would signal that buyers have regained control, potentially setting up a retest of the $0.70 level. The outcome could set the tone for other small-cap altcoins that rallied on the same regulatory optimism, as similar liquidation cascades may follow if the broader market remains under pressure.
This article is for informational purposes only and does not constitute investment advice.
