Aster Price Surge After CZ Buy: Can the Token Hold Its Rally?

Aster Price Surge Faces Test as Whales Short Market After CZ Tweet

Could the recent Aster price surge begin a sustainable uptrend, or will the coin eventually yield to short-term pressures? The swiftness with which the token moved right after the announcement by Changpeng Zhao has divided traders, with some saying this is the start of a long-term uptrend, while others look at the movement as just a hype-driven spike in the short term.

CZ's $2 Million Buy Triggers 30% Rally

In a tweet on November 2, Binance founder Changpeng Zhao revealed he had bought about 2.09 million tokens with a value of approximately $1.9 million. He added that the investment reminded him of his early days with BNB and is a long-term bet and not a quick trade.

His post on X, formerly known as Twitter, had the market moving in no time. In about an hour, the Aster price surge took the token from around $0.91 to $1.20, up more than 30%. The swift response just showed how much clout CZ still has with the crypto market, even after having stepped down as the CEO of Binance.

Why Traders Are Watching $Aster Coin

It is a decentralized perpetual exchange allowing multi-chain trading with leverage of as much as 100×. It's backed by YZi Labs, which is linked to CZ's family office. The platform is designed such that buybacks and airdrops balance the token supply for long-term stability.

Nevertheless, its integration with Coinbase's x402 protocol is seen as a plus; this could, in turn, increase liquidity and interest from institutional players, giving the token more credibility in the longer run.

Lookonchain Unveils Whale Shorts

The Aster price surge sent retail traders into a frenzy, some large investors did the opposite. According to on-chain data provider Lookonchain, two major traders opened large short positions shortly after CZ’s post.

According to the report, wallet 0x9eec9 shorted about $52.8 million worth of this cryptocurrency, and another one, 0xbadb, added $19.1 million in shorts, both currently in profit. While small investors continue to stay hopeful, whales are betting on a possible pullback in price.

Aster Price Prediction

If the buyers remain active, then it might test $1.30–$1.40 levels anytime soon, and near-term resistance may fall at $1.32 in the form of a 50-day simple moving average. On the other hand, if the price were to slip below the 78.6% Fibonacci level at $0.90, prices could slide towards $0.70–$0.80.

Source: CoinMarketCap

Final Thoughts 

For now, though, the coin is cautiously bullish, cheered by improving technical indications and bolstered by CZ. Whale shorts and trading data concerns are risks to keep a close eye on.

If the token holds its support levels and continues to build trust, then this altcoin could continue into a rally through November. The big question now is whether this Aster price surge is the start of something that will last or just another quick burst of market excitement.
Disclaimer: This article is for information purpose only, kindly do your own research before investing in crypto markets.