Aster Coin Price Drop Feels Manipulated After $10M BlackRock Buy

BlackRock $ASTER Buy Worth $10M, Is Aster Coin Price Drop a Buy Sign?

Aster Coin price drop is getting a lot of attention right now, but not just because of the crash, but because of the BlackRock $ASTER buy. Yes, the largest asset management firm in the world, has bought $10 million worth of assets through Coinbase’s over-the-counter (OTC) service. 

Source: Larry Arnault X Account

But here’s the twist: In this latest ASTER news today, the price drop combined with huge accumulation, so what does this mean? Traders ask, if this is a big market manipulation.  

Why BlackRock Purchase $10M Aster Coin Amid Price Drop

Even though the asset’s price is dropping, the world's largest asset manager firm's $10M purchase is a big shock. At the time of writing the coin price dropped around 6%, standing at $1.78, and its trading volume near 5.96% drop.

As one of the biggest financial players in the world, they know how to handle market changes, fueling this buy might be a signal of $ASTER market manipulation.

Here's why:

• 96% of asset supply is controlled by only six wallets, and it’s believed that all six belong to one big player.

• Despite having no working product yet, the token is valued at $10 billion.

Normally, when so much of a coin’s supply is controlled by a few people, it means they can control the price of the token, which can be seen as manipulation. 

But the truth is, if the people controlling the asset are trusted investors, they can keep the value stable. For regular traders, it’s a sign that maybe the the crash is not as bad as it looks.

Why is Aster Coin Price Dropping Today? 

Blackrock buy can be one of the major reasons behind the price drop, but TradingView technical indicators suggest more reasons fueling the crash.

1. Profit-Taking: After an incredible 2026% increase in a month, many early investors may have decided to cash out and take their profits, which makes the price crash.

2. Weak Demand: When looking at the RSI, it shows weak buying momentum due to market volatility.

3. Bearish Momentum: MACD indicators show that the price could keep going down for a little while.

What the Technical Analysis Says About the Price Drop

Let’s look at the technical side of things to understand whether the chart is showing Aster price bullish or bearish signal.

• Support Levels: The support level is around $1.75. If it falls below these, it could drop to $1.57 before bouncing back.

• Resistance Levels: The first resistance is around $1.85. If the token breaks it, we could see a major breakout soon.

As seen in the above chart, it seems like the altcoin might be forming a bullish base inside a falling wedge pattern. This pattern usually means that the price could go up again after a small decline. 

Note: For investors, if the price holds steady around $1.78, it could be a good opportunity to buy.

$ASTER Coin Price Prediction After Today’s Drop

In the short term, the asset might stay between $1.75 and $1.80. If trading volume rises, we might see a gain to $1.85. But if selling continues, the price could drop to $1.70.

While in the long run, crypto analysts at Coingabbar say, the asset has big potential if the fundamentals stay strong. After this short correction, we could see altcoin's price prediction aiming for $2.20–$2.50.

Conclusion

The Aster coin price drop isn’t something to panic about. After a huge price rise, it’s common to see a drop as people take profits and the market corrects itself. 

With major players like BlackRock buying shows that the asset has great potential to rise again. Keep an eye on the support levels, and look for signs of a price recovery.

Disclaimer: This article is for informational purposes only, and does not give any financial advice, so always DYOR before investing to avoid major risks.