The cryptocurrency landscape this year hasn’t been smooth, particularly for altcoins, with the exception of a few projects like HYPE and ASTER, which have captured attention with their creative strategies. The pressing question remains whether these emerging DeFi protocols will sustain their momentum and carve a prominent niche in the market.
What Led to Aster Coin’s Recent Challenges?
Aster Coin started with a robust launch backed by endorsements from key figures, including CZ. Despite this auspicious beginning, the coin recently struggled, breaking below its $1 support level, causing alarm and a significant sell-off. Speculations are rife about the coin stabilizing around $0.660, with its current price near $0.72.
Hopes are pinned on a recovery to $0.844, and there’s strong anticipation for it to surpass the $1 mark to aim for a $1.38 resistance level, potentially achieving a new all-time high.
Positive strides are noted within the Aster protocol with the recent debut of Shield Mode on December 15. This innovation enhances trading leverage, speeds up transactions, improves security and flexibility, while also minimizing price slippage.
Can HYPE Coin Maintain Its Upward Trajectory?
Adopting a pioneering DEX concept, HYPE Coin has seen an exponential rise, marking one of the year’s standout altcoin performances as it soared from mere dollars to $60. This dynamic altcoin boasts an annual revenue crossing billions, fulfilling the criteria for a promising investment.
With over 1.3 million active users, and achieving a daily trading volume of $1.7 billion, Hyperliquid stands at the forefront of the new DEX era, capable of executing 200,000 transactions per second with a block time of just 0.07 seconds. This underlying robustness promises sustained support for HYPE Coin.
Total value locked surpasses $4 billion, and futures trading volume is close to $200 billion over 30 days. Despite losses nearing 50% from its peak, the project’s resilience is evident. However, attitudes of fatigue have emerged among stakeholders, even in major exchanges.
HYPE Coin narrowly avoided testing a previous low of $20.6. Despite not reaching new lows like Aster, it is critical for the coin to reclaim the $27.6 and $29.6 levels to prevent further declines, potentially forming a head and shoulder pattern that might drop prices to $16.7. Surpassing $35 is crucial for a bounce back to $60, though market sentiment needs an uplift.
“The innovative approaches demonstrated by ASTER and HYPE signal a significant shift in DeFi,” said a spokesperson from the DeFi sector.
