Astar Price Prediction: ASTR Holds at $0.059 – What's Behind the Sudden Surge?

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Astar token, ASTR, has captured the spotlight by displaying a notable upward trajectory while maintaining its position above the $0.059 mark. This price surge follows the announcement of revamped tokenomics, which would see it destroy or burn more tokens.

👀 Astar Tokenomics 2.0 is coming! Creating sustainable growth by evolving ASTR for long-term success.

The network already burns 80% of transaction fees, but we want to increase the amount burned with:

🔥 DApp Staking Burning 🔥

🌟 Here's how it works 🌟

Projects that are… pic.twitter.com/xbMOStaSOO

— Astar Network (@AstarNetwork) July 28, 2023

Since the project’s builders dropped this bullish update on July 28, the price of ASTR has been on an upward trend. Also, the recent partnership with other crypto platforms has boosted interest in the asset market.

@NovaWalletApp went live on dApp Staking!https://t.co/vg1OzQwtn3

— Astar Network (@AstarNetwork) August 29, 2023

Meanwhile, as of 10:43 AM EST today, August 30, ASTR is trading at $0.58, representing a price decrease of 4% in the last 24 hours.

But there has been an improvement in the past hour as the coin is gaining by almost 1%.

Novel Staking Dapp for ASTR Could be Bullish for Token

In a recent announcement on X, the Nova platform shared that its Wallet is now live, and users can stake their tokens to earn rewards.

According to the information, if users put their ASTR tokens for staking, the platform will lock it up for a while, reducing the circulating supply. With a decreased supply and sustained demand, the token’s scarcity can potentially drive its price upwards.

Astar Price Analysis

Starting from August 17, when it hit a bottom of $0.04698, the coin has recorded a rise of approximately 40%. Also, the coin has recorded a growth of over 100% from its all-time low.

ASTR/USD trades above the 100-day and 50-day Simple Moving Average (SMA) indicators. This suggests a positive trend in the market, indicating that ASTR/USD has been performing well over the short-term (50-day) and months (100-day).

Traders may see this price set-up as an indication that the coin has strong support in the market and that the upward momentum might continue.

The asset’s Moving Average Convergence Divergence (MACD) is positioned below the signal line.

This might suggest a potential shift in its trend, implying that the asset’s short-term price momentum might weaken even though the price is still bullish in the longer timeframe, evident in the 100-day SMA.

However, the Relative Strength Index (RSI) of 49 suggests that the recent price movements are relatively balanced. It’s not significantly high or low, indicating a middle-ground situation where neither strong buying nor selling pressures dominate.

Based on historical price action, if the bulls could sustain this strength, the market might push further in the coming days.

However, it’s important to remember that no indicator guarantees future performance. Market conditions can change, so it’s advisable to consider other factors when making investment decisions.

ASTR Targets $0.11 Level – Bullish Run Coming?

Looking at the daily chart, the coin is gathering momentum to push its market toward the yearly high of $$0.1167.

According to the chart, the ASTR/USD pair trades within the Channel Up technical chart pattern. The pattern suggests that the coin has been experiencing a trend of consistent upward movement.

However, the price is currently dropping towards the lower part of the channel pattern, and this could be a potential entry point where the market may retrace back up.

Traders should closely monitor the situation to see if the coin’s price respects the channel-upChannel pattern and bounces back within the defined boundaries.

If the price respect this pattern and rebound, it may target the $0.1167 resistance level.

The recent partnership with Nova Wallet may enable the asset to hit this target as the investor’s interest rises. However, while Astar token ASTR is poised for significant gains in the coming days, investors may consider yPredict the best alternative.

Astar Alternative

yPredict has raised over $3.6m in its token sale as it nears its hard cap of $4.5 million. The project is gaining prominence as it combines a group of AI/ML specialists, traders, and quantitative analysts.

Together, they are focused on revolutionizing financial predictions by supplying advanced trading instruments that ensure accuracy and less complexity for traders.

Groundbreaking features of the yPredict ecosystem

Interestingly, yPredict doesn’t rely solely on advanced AI models. It incorporates the ARIMA model, a statistical tool dating back to the 1970s, to predict Ethereum prices.

This model, characterized by its three components – autoregressive, moving average, and integration – has a track record of effectiveness in various fields, including finance and meteorology.

In addition to the ARIMA model, yPredict is incorporating the functionalities of the Long Short-Term Memory (LSTM) model into its price prediction tools.

This AI-driven model excels at forecasting patterns, particularly within the trading domain. Through the examination of past prices, it provides valuable perspectives on potential future price trends.

As the complete influence of AI on present-day finance continues to develop, platforms such as yPredict are positioning themselves to take the forefront in delivering advanced financial prediction solutions.

Combining traditional models with modern AI-driven approaches presents a fresh perspective for financial forecasting. The potential of this digital advancement will only become evident as time goes on.

The $YPRED token is currently available for sale at $0.1. Users can join the ongoing presale by visiting this website.