Aster’s plan to buy back shares can restore the market’s trust following a 57% decline.

The Key Takeaways

ASTER can reverse October’s losses. 

The bulls tried to set a new bottom of $1. A recovery is possible if the broader sentiment on the market improves. 

Can buybacks be used as a catalyst for economic recovery? 

The market spot was still flat, and it was not yet gaining momentum for the catalyst to be confirmed. 

Aster [ASTER] Bulls were unimpressed by the announcement of a second round token buybacks.

The perpetual DEX, backed by YZi Labs, was launched on the 29th October. said It would spend up to 80% on trading fees in order to fund the new buyback program.

First, you need to understand what the first is. “deflation” Drive happened About two weeks ago. The scoop was about two weeks ago. 100,000,000 ASTER Tokens for October 10. 

This was also the day that the stock market had a flash crash, which liquidated more than $19B. It is not possible to predict ASTER’s future price by using the past.

What is next for the ASTER Price?

There was also less excitement following the most recent update. 

A critic is not a bad thing. retorted, 

“Maybe they write wrong, This is sellback, not a buyback.” 

Instead of keeping the tokens in an address to be sold off later, he wanted them burned. 

ASTER fell about 2,5% in the meantime, likely due to increased risk-off following the FOMC Meeting. The altcoin was down nearly 60% in value from the record high price of $2.4, to about $0.90. 

TradingView: Source for ASTER/USDT

Although there were attempts to declare the area of $1 as the lowest point, the technical indicators on the chart still showed a bearish trend.

For example, the On Balance Volume was flat and had not recovered in a meaningful way to indicate a possible price recovery. 

Similarly, since 10th October the RSI on the chart of 12 hours has been below its average value. In other words, the short sellers still held the advantage, as far back as writing. 

What is the calm before storms?

Arkham, on the other hand, is an example of how Arkham can be used to meet both demand and supply. data The market showed neutrality with neither a demand for buying nor a selling.

Contrary to the massive influx of funds into the on-chain markets in early and late October, activity has declined and stagnated over the last few days. 

It meant that more tokens were moved to the on-chain Exchanges (sales pressure), but then tapered and went sideways. On-Chain Exchange flow data shows that spot markets were neutral or bullish. 

Source: Arkham

The leveraged traders on the derivatives market were surprising bullish. Over the last day, traders only reduced long positions by 1%. This may have been to mitigate against the FOMC’s meeting.

The long positions have a positive impact on the overall position. commanded A whopping 77% is a significant addition over the last five days. The leveraged traders were all bullish but it was not the case that the spot market had yet to show a positive turn to support a long-term recovery. 

Coinglass