- Aster surged 30% after CZ revealed a personal purchase of over $2M on November 2.
- Trading volume jumped 1,118% to $2.65B within 24 hours.
- Whales opened major short positions, anticipating a reversal.
Aster (ASTER), the native token of the decentralized exchange protocol, soared by more than 30% on November 2 after Binance co-founder Changpeng “CZ” Zhao revealed that he personally purchased over $2 million worth of the token.
The announcement immediately pushed Aster’s price from $0.91 to a peak of $1.26 before stabilizing around $1.08 at press time.
CZ’s Post Ignites Frenzy
CZ disclosed his purchase on X, stating that he used his personal funds and emphasizing his long-term investment style: “I buy and hold.”
Following this post, Aster’s trading volume skyrocketed by over 1,100% in less than 24 hours, from $224 million to $2.65 billion, while its market capitalization climbed from $1.8 billion to above $2.5 billion.
A similar scenario unfolded with privacy coin Zcash, which surged 30% after Arthur Hayes predicted the token could reach a $10,000 valuation. In Aster’s case, traders viewed CZ’s involvement as a strong signal of confidence.
Related: SEC Backs Down From Binance, Zhao Case Citing Discretion, New Crypto Strategy
Whales Bet Against the Hype
Blockchain analytics from Lookonchain revealed that two whales opened massive short positions on Aster following CZ’s announcement. One whale shorted 42.97 million tokens worth approximately $52.8 million, while another bet against 15.3 million tokens valued at $19.1 million.
Both set liquidation levels slightly above $2, indicating they expect the price surge to lose steam. On the other hand, CZ clarified that he hopes to accumulate more tokens at lower prices, adding that his investment choices remain limited, with BNB and ASTER among the top assets.
Aster Price Analysis: Bullish and Bearish Targets
Aster’s chart shows a clean breakout above a descending trendline. The price remains above the 20-day moving average ($1.01). Bollinger Bands are widening, reflecting rising volatility. The RSI sits at 52, showing neutral-to-bullish momentum, while the MACD’s positive crossover suggests growing buying strength.
A sustained move above the resistance zone at $1.20 could open the door to a short-term bullish target of $1.35–$1.40. However, failure to hold the current trendline support around $1.01 might trigger a pullback toward $0.83.
Related: Aster Price Prediction: Can ASTER Break Out Of Falling Channel As Zhao’s Backing Fuels Rally?
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
