Altcoin Selloff Deepens as Aster, Midnight, and Ethena Face Key Technical Tests

Key Moments

Market Overview

Aster (ASTER), Midnight (NIGHT), and Ethena (ENA) are leading losses in the altcoin space over the past 24 hours as broader crypto sentiment weakens and Bitcoin (BTC) trades below $86,000. Mounting selling pressure and a risk-off tone across the market are raising the likelihood of further downside for these tokens.

Aster Slides Toward Critical Support

Aster has extended its decline for a third straight session, now trading below the $0.80 level. At the time of writing, ASTER is down more than 1% following Monday’s 13% drop, with price currently testing the S1 Pivot Point at $0.7787.

If the perpetuals-focused exchange token closes the day under this pivot, price action could move toward its all-time low at $0.5404.

Daily momentum signals are skewed to the downside. The Relative Strength Index (RSI) stands at 32, hovering just above the oversold region and pointing to a persistent bearish bias. A continued downtrend in ASTER could keep the RSI anchored in oversold territory.

The Moving Average Convergence Divergence (MACD) indicator is also aligned with the bearish view, maintaining the sell signal triggered on Monday when it crossed beneath its signal line and continued to trend lower in negative territory.

On the upside, a recovery from $0.7787 could target the former support level that turned into resistance at the October 22 low of $0.9304.

Midnight Nears Breakout Point in Symmetrical Triangle

Midnight, described as the privacy-focused partner chain of Cardano, is also under pressure, trading lower by 10% over the last 24 hours at press time. On the 4-hour chart, the NIGHT token is moving toward the apex of a symmetrical triangle formed by two converging trendlines.

A downside resolution of this pattern is possible if NIGHT falls through the support trendline around the $0.05000 psychological level. Such a move could open the way toward the S1 Pivot Point at $0.01923.

Momentum readings on the 4-hour timeframe remain mixed, reflecting the token’s limited trading history since launch. The RSI at 54 is holding above the midline, conveying a neutral to mildly bullish posture. However, the MACD moved below its signal line earlier in the day, generating a sell signal.

On the positive side, a sustained move above $0.07000 would be needed to validate a bullish breakout from the triangle pattern. If confirmed, the ensuing move could extend toward the R1 Pivot Point at $0.102239.

Ethena Pressured at Psychological Support

Ethena is lower by 1% at press time on Tuesday, marking its fifth consecutive session in negative territory. The current pullback in ENA has driven the token below the November 21 low of $0.2180, with price now closing in on the $0.2000 psychological support area.

A failure to hold this zone would likely expose the S1 Pivot Point at $0.1845.

Bearish momentum is building, with the RSI dropping to 33, a level close to the oversold threshold. At the same time, the MACD slipped beneath its signal line following a crossover on Monday, highlighting increasing selling pressure.

On any rebound, ENA could encounter immediate resistance at the 50-day EMA, which is currently located at $0.3079.