Aster Price Soars 10% On Binance Listing News Despite Wash Trading Allegations
The Aster price soared 10% to more than $2 after Binance announced that it will list the token.
Binance said in an announcement today that it will list ASTER with a seed tag applied. This tag is applied to crypto tokens that are considered innovative but could often come with high levels of volatility and risk.
Trading for the token will begin from 12:00 UTC today after deposits are enabled at 9:00 UTC. There will also be Tether (USDT), USD Coin (USDC), and TRY trading pairs activated for the crypto.
Binance reminded users in its announcement that ASTER will not be available for trading on its pre-listing token feature Alpha Market once spot trading opens. The exchange will also no longer count trading volume towards Alpha Points.
The listing by Binance comes after the exchange’s founder, Changpeng Zhao (CZ), endorsed ASTER. Shortly thereafter, the token’s price started to surge, with whales and even celebrities like MrBeast purchasing millions of dollars of ASTER.
The decentralized exchange token is now up over 2,300% in the past month.
Aster Rocked By Wash Trading Allegations
The Binance listing comes amid controversy around the project, and allegations of wash trading.Â
DefiLlama builder 0xngmi recently flagged suspicious trading activity for the token, and said the team’s investigation into its trading volumes showed that the activity has started mirroring Binance perp volumes almost exactly.
This suggests that the trading volume might not be organic, but rather come from Binance itself.
As a result, DefiLlama, which is a popular decentralized finance (DeFi) data aggregator, said it will delist Aster’s perpetual volumes.Â
The controversy around potential manipulation led to the ASTER price plunging by more than 10% earlier in the day.
ASTER Price Enters A State Of Limbo
Despite the wash trading allegations, the Aster price looks poised to benefit from the Binance listing.
Hourly chart for ASTER/USD (Source: GeckoTerminal)
In the last couple of hours, the token’s price breached the resistance level at $1.9252. It tried to do the same with the next barrier at $2.1030, but bears were able to defend the level.
Despite that rejection, ASTER’s technical indicators still lean bullish on the hourly chart. The Moving Average Convergence Divergence (MACD) line is positioned above the MACD Signal line, indicating that the token is in a bullish trend.
Meanwhile, the Relative Strength Index (RSI) is above 60. Traders will likely see this as an indication that buyers are in control. It also shows ASTER has room to climb before it enters overbought territory, which is signaled by an RSI reading above 70.
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