A rebound could be on the way

The decline in the crypto market has led to further bearish price predictions for the Astar network. This follows the 15.82% drop in the ASTR/USDT pair during Monday’s trading session, which leads the pair to the 4th day of declines. The sharp decline seen on Monday rivals January 21, April 11 and May 5. Additionally, the recent series of price declines follows the leading trend seen on the daily chart from April 10-11, where the bearish engulfing trend signaled the end of the early April rally.

Coincidentally, the decline seen in the ASTR/USDT pair follows news that a Singaporean GameFi platform provider had signed a partnership agreement with the Astar network. This agreement aims to expand the GameFi reach of the Astar network. As part of this agreement, Digital Entertainment Asset Pte. Ltd will deploy its PlayMining product line and ecosystem on the Astar Polkadot parachain.

This is a deal that would normally have boosted Astar Network’s bullish price predictions. But in the crypto market, it is difficult to get positive triggers from events within a project once market sentiment is bearish. This is what happened to the ASTR/USDT pair.

But after the sharp drop, there might be a silver lining boosting the Astar Network price predictions. El Salvador took a big step by buying the Bitcoin dip. He made a BTC purchase of $15 million at the end of Monday’s session, at an average price of $30,744.

The country’s president, Nayib Bukele, announced the purchase on his Twitter account. Naturally, this move affects Bitcoin prices, which are now off session lows at 31280. So what is the Astar Network’s price prediction now that El Salvador and other whales are buying the dip?

Astar Network Price Prediction

It’s about catching the rebound after the drop. With BTC experiencing a rebound, it is possible that the ASTR/USDT pair will experience it at the support level of 0.0991. This rebound would allow the parity to target the resistance of 0.1305 (low of May 1/6 in role reversal). Above this level, a rally takes price activity towards resistance at 0.1508 (19th Feb and 2nd May highs) before resistance levels at 0.1693 and 0.1868 ( March 31 and April 6 highs) come into play. Finally, a further price jump could reach 0.2108, but this is still an ambitious goal.

On the other hand, a drop below the price mark of 0.1070 (low from March 6-9) takes price activity towards support at 0.0862 (low from January 25, 2022). A descent below this mark sends the ASTR/USDT pair to new lows, with potential candidates for new support targets seen at 0.0580 (100% Fibonacci extension) and the Fibonacci extension level to 127.2% at 0.0275.

ASTR/USDT: daily chart

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