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Astar (ASTR), a Polkadot-based token, is leading the crypto market recovery on Thursday with more than 9% gains. At press time, ASTR was trading at $0.0667, a level that has propped the daily trading volume to more than $25 million.
The movement is attributed to significant advancements within the Astar ecosystem. The team behind Astar Network has announced the Astar 2.0 launch in three weeks with new token economics strategies aimed at empowering users to take control of their data and privacy.
3️⃣ weeks…💥 pic.twitter.com/fJuaH2ym8T
— Astar Network (@AstarNetwork) August 23, 2023
According to the network’s official website, Astra 2.0 encompasses several enhancements, including a novel token-burning strategy, a multi-tiered incentive plan tailored for developers, a reduced inflation rate, and bolstered support for Astar to amplify the value-added rewards provided by the DApp.
At its core, Astar 2.0 is founded on a well-defined long-term trajectory. Its overarching mission is to empower billions of individuals and enterprises by tapping into the potential of Web3. Guided by steadfast core principles and anchored in essential technological foundations, the network is committed to shaping a world where blockchain empowers users to reclaim control over their data and privacy while fostering the unity of local communities both online and offline.
Astar 2.0 empowers developers with the tools to construct a more promising future web accessible to all.
Having solidified its position within the Japanese market, Astar Network has firmly established itself as a significant player in the blockchain realm, positioning itself as a critical player in the future of Decentralized Finance (DeFi). The imminent launch of Astar 2.0 marks a pivotal step forward in the network’s journey and is expected to attract substantial attention from developers and investors due to its potential impact.
Astra 2.0 Could Propel ASTR 88% Higher.
The strides made by the Astar network have been significantly reflected in its price performance and technological outlook over the past year. With the uptick, the ASTR token is poised to retest the resistance at $0.1255 in the mid-to-long term.
The Astar price has formed a rounded bottom chart pattern on the daily chart, as shown below. If the bullish momentum is strong enough to push the price past the $0.070 psychological level, ASTR could climb to confront resistance from the governing chart pattern’s neckline at $0.0780.
A decisive close above this level would confirm the bullish technical formation, setting the token on the path to a sustained recovery. The first resistance line would emerge from the buyer congestion at $0.105. Later, the February 17 swing high at $0.1155 could prove stubborn for ASTR to overcome before it climbs to teach the technical target of the rounding bottom pattern at $0.1255. Such a move would bring the total gains to 88%.
ASTR/USD Daily Chart
Supporting this bullish narrative were the up-facing moving averages switch had sent a call to buy the crypto on the same daily chart. This was a bullish cross on August 14 when the fast-moving 100-day Simple Moving Average (SMA) crossed above the 200-day SMA as the bullish momentum built up. This buy signal was still in play, suggesting the market conditions favored the buyers.
Another buy signal came from the Moving Average Convergence Divergence (MACD) indicator on August 20. This was when the 12-day Exponential Moving Average (EMA) crossed above the 20-day EMA, suggesting that the market sentiments around ASTR had flipped bullish. This trend-following indicator was also moving upwards within the positive region.
Also adding credence to Astar’s upward trajectory was the Relative Strength Index (RSI), which also pointed upwards. The value of this oscillating indicator at 69 reinforced the strength of the buyers’ grip on the token, adding credence to the upward thesis.
On the downside, a daily candlestick close below the $0.060 psychological level, embraced by the pattern’s support line, will see the price of the Astar token drop to the 50-day SMA at $0.0570, the 100-day SMA at $0.0505 and the 200-day SMA at $0.04827.
ASTR could drop to seek solace from the prevailing chart patterns’ bottom at $0.030 in highly bearish cases.
ASTR Alternatives
While some investors may be after Astar, others are turning to popular tokens in presale like Launchpad XYZ (LPX).
This new AI-powered crypto initiative aims to establish a platform equipped with educational resources and tools, strategically empowering developers in the Web3 space.
By creating a community-driven ecosystem, the project seeks to ensure that everyone is well-positioned to capitalize on the opportunities presented by the forthcoming bull run.
Discover true financial liberty with #LaunchpadXYZ's cutting-edge liquidity solutions
Are you ready to break the barriers? We’re here to guide you every step of the way 💪
Join our community to learn more 🚀https://t.co/ZUZaIKh5XC
#Crypto #Web3 #Blockchain #Altcoins pic.twitter.com/1mfbGf7Cug— Launchpad.xyz (@launchpadlpx) August 24, 2023
The project has secured $1.37 million in funding and is swiftly approaching the $1.4 million mark.
With its fundraising limit of $1.55 million, even a modest surge in LPX acquisitions could expedite the presale process. The LPX token is accessible on the official website for $0.0445, and individuals can acquire it using BNB, ETH, USDT, or a credit/debit card.
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