DASH records gains after listing while ASTER and ICP stabilize after the weekend rise
DASH has risen by 31% in the last 24 hours, approaching the psychological level of $100 on the ASTER listing.
ASTER indicates a descending channel pattern after Changpeng Zhao bought over 2 million tokens.
Internet Computer took a break after a 24% rise on Sunday.
Dash (DASH), Aster (ASTER), and Internet Computer (ICP) are outperforming the broader cryptocurrency market during the weekend rally. DASH extends its rise approaching the $100 level thanks to Aster's listing gains, while ASTER and ICP take a breather.
Dash targets a breakout high at $100.
Dash records a fourth consecutive day of gains, up over 2% at the time of writing this report on Monday, following a 21% increase the previous day. A recent listing on the Binance-backed decentralized exchange (DEX), Aster, bolsters DASH's rise.
The bullish trend approaches the $100 level, with a decisive close above this level potentially targeting the pivot point R3 at $108.
Steady trends in the 50-day, 100-day, and 200-day exponential moving averages (EMAs) indicate a strong bullish trend.
Momentum indicators on the daily chart suggest high levels of buying pressure as the RSI reads 83, placing it in the overbought territory. At the same time, the Moving Average Convergence Divergence (MACD) indicator shows the average line rising parabolically, indicating strong bullish momentum.
The daily chart for the DASH/USDT price.
On the other hand, DASH's key support levels are at $84 and $68, defined by the inverted pivot points R2 and R1, respectively.
Aster's rise gains strength with buying and holding activity from Changpeng Zhao.
Changpeng Zhao, the former CEO of Binance, officially announced the purchase of over 2 million ASTER tokens on Sunday, igniting the weekend rally. Zhao reinforces his buy-and-hold strategy in his announcement, a strategy previously proven with BNB tokens that he purchased during the Token Generation Event (TGE).
The breakout movement of Aster's descending channel on the 4-hour chart, spurred by a 27% rise on Sunday, is struggling to surpass the resistance level at $1.29. At the time of writing this report, ASTER has declined by over 4% on Monday, exposing it to a pullback to the support level at $0.93, defined by the low on October 23.
A potential breakout above $1.29 could extend the rise to $1.59, defined by the peak on October 13.
However, the Relative Strength Index (RSI) reads 60 on the 4-hour chart, retreating from overbought territory as buying pressure diminishes. Meanwhile, the MACD line and the signal line are gradually converging, posing a risk of a potential crossover that may trigger a bearish shift.
The 4-hour chart for the ASTER/USDT price.
If DEX tokens retest $0.93, it will negate the downward channel breakout, exposing them to further losses.
Internet Computer's breakout faces resistance from the 100-day moving average.
Internet Computer is trading above $4 at the time of writing this report on Monday, after a gain of 24% on Sunday. The rise of the ICP token exceeds a local resistance line formed by connecting August 13 and October 5.
However, the rise faces resistance from the 100-day moving average at $4.28, leading to a retest of the trendline near $4.11. If ICP rebounds above $4.28, it may target the 200-day moving average at $4.99.
The Relative Strength Index (RSI) sits at 64 on the daily chart after a sharp increase from near the overbought area towards overbought limits. The available space before the overbought area indicates the possibility of further upside.
Moreover, the MACD line and the signal line are rising toward the zero line, targeting a crossover into positive territory, which will confirm a bullish shift in momentum.
The daily chart for the ICP/USDT price.
Looking downward, if ICP breaks below the 50-day moving average at $3.80, the decline may extend to the central pivot point at $2.93.
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