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>>Following a disappointing airdrop, the price of ASTER has dropped by 20%, reaching $1.55, sparking concern within the community. Analysts are now questioning if this marks the lowest point for the cryptocurrency.

Following a disappointing airdrop, the price of ASTER has dropped by 20%, reaching $1.55, sparking concern within the community. Analysts are now questioning if this marks the lowest point for the cryptocurrency.

crypthub

2 days ago

Airdrop Backlash and Wash Trading Concerns

The ASTER token experienced a significant price drop following community outrage over the Stage 2 airdrop distribution. Many users received drastically smaller rewards than anticipated, leading to accusations of insider manipulation and wash trading. DeFiLlama removed Aster’s volume data due to concerns about correlation with Binance, further contributing to the negative sentiment.

Technical Analysis and Support Levels

ASTER is currently testing key support levels between $1.50 and $1.56, within a symmetrical triangle pattern. A break below this zone could trigger further price declines towards $1.29-$1.50. Analysts are closely watching the price action as maximum pessimism exists within the community, though a successful defense of the support zone could lead to a bounce.

Community Sentiment and Alternative Projects

The airdrop disappointment has triggered cascading selloffs, aligned with typical post-airdrop patterns. Concerns about wash trading are prevalent in the crypto space. While ASTER faces challenges, alternative projects like BTC Hyper are attracting attention for their innovative Bitcoin scaling solutions and potential for high returns.