Aster breaks out of rectangle pattern with price target of $1.00

Aster is at a potentially important inflection point. The coin traded for months between $585 and $791, but now appears to be breaking out above the top of that range. Based on this pattern, one analyst sees a price target of $1.00, which represents a rise of approximately 27% from the current price of $784.

In short:

• Aster traded for months in a fixed range between $585 and $791
• The coin is now breaking out above the top of that range
• One analyst sees a price target of $1.00, provided the breakout holds

Months-long range as the basis

According to analyst TheBirbNest, Aster has been moving in a horizontal pattern for quite some time, also known as a rectangle. In such a pattern, the price repeatedly oscillates between a fixed bottom and top until a direction is chosen.

In Aster’s case, the bottom was around $585 and the top around $791. The height of that range, about $206, is added to the breakout level in the event of an upward breakout. This yields a technical price target of roughly $1.00.

$791 is now the key level

TheBirbNest points to $791 as the level to watch. As long as Aster closes above this level on a daily basis, the breakout is considered valid.

If the price closes back below $791, the analyst considers it a false breakout. In that case, the former resistance would once again act as a ceiling and the scenario would no longer apply. A similar setup, in which a coin consolidates above a previous price level, was recently seen with CashCat.

Whether Aster’s breakout actually continues to $1.00 therefore depends entirely on the daily closing prices in the coming days.