The value of the native AirSwap token, $AST , increased by 115%, driven by renewed whale interest and a favorable technical environment.
According to CoinGecko data, the value of AirSwap (#AST ) reached a daily high of $0.071 on the afternoon of June 23, Asia time, extending its gains to 255% from its year-to-date low of $0.020.
The value of AirSwap increased as the global cryptocurrency market cap fell by about 3% to $3.2 trillion during the day. Major assets, including Bitcoin (BTC) and Ethereum (ETH), continued their downward trend, influenced by rising geopolitical tensions in the Middle East and a shift in investor sentiment towards safe-haven assets.
By the time of publication, the price of $AST had dropped to $0.051, trimming its daily gains to about 51%. However, technical indicators and on-chain metrics suggest that the token may still be poised for further upside. On the four-hour/USDT chart, AST broke out of a multi-week downtrend channel, which is typically considered a reversal signal when confirmed by trading volume. Additionally, the token completed a breakout from a bull flag pattern, which is a continuation pattern that often signals further upward momentum.
AST price, 50-day and 200-day SMA chart — June 23
The share of $AST is now trading above the 50-day and 200-day simple moving averages. The 50-day simple moving average appears to be on track to cross above the 200-day simple moving average, a technical formation known as a golden cross, which is traditionally considered a long-term bullish signal.
Furthermore, the MACD lines indicated an upward trend, while the Supertrend indicator shifted to a green signal, reinforcing the short-term bullish bias.
AST Supertrend and MACD chart — June 23
From a price action perspective, the AST coin may attempt to retest its recent high at $0.071. A successful breakout above this level could open the door for a rise towards the next resistance level at $0.095, which was last touched in April.
It seems that whale accumulation is the main catalyst for this move. According to CoinMarketCap data, whales currently control 83.8% of the circulating supply of AST, a trend that individual traders often follow as indicators of institutional sentiment.
At the same time, the total AST balances on trading platforms have decreased by more than 21% over the past three months.
On the development front, the AirSwap team has also scheduled a community call on June 25 to discuss upcoming initiatives related to the DAO. This announcement has sparked renewed engagement across the AirSwap ecosystem, which may sustain interest in the short term.
Despite the bullish outlook, there remains a significant risk for investors. According to CoinMarketCap data, the top 10 holders currently control nearly 80% of the circulating supply. This high concentration exposes the market to sudden sell-offs or price manipulation, which could lead to volatility in the absence of strong demand support.
Read more in previous posts: Sharp decline in the cryptocurrency market following U.S. attacks on Iranian nuclear sites
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.
