ASTR price could revisit 2024 high as Astar Network prepares for zkEVM mainnet launch

ASTR price is trading sideways below $0.1845, on Tuesday as ASTR holders await  two key developments. The first is the arrival of the Astar zkEVM mainnet, a Layer 2 Ethereum scaling solution. The second is a Japan Airlines NFT project promoting Kyoto on the Astar Network. ASTR holders are anticipating gains for the token in the run up to the events. 

The Astar zkEVM Layer 2 chain is likely to see a mainnet release in February. The project’s foray into the Ethereum ecosystem will be powered by Polygon and is likely to attract more web3 projects and developers to Astar, boosting its network growth and activity in H1 2024. 

Also read: XRP holds steady above $0.50 amid legal battle loss for Ripple in SEC lawsuit

Astar zkEVM mainnet release could catalyze gains for ASTR holders

T Astar Network’s zkEVM project started out as a Polkadot parachain but will be expanding into the Ethereum ecosystem with a zkEVM mainnet release, powered by Polygon. 

The zkEVM mainnet launch is likely to boost liquidity, infrastructure and attract more developers and users to the Astar Network, catalyzing long-term network growth for the project. 

The project’s campaign “Yoki Origin” will launch right after the mainnet release and celebrate protocols on the Astar Network. The campaign will host nearly 40 project/ enterprise teams and celebrate the Japanese origins of Astar. 

Major players in Japan, like Japan Airlines Co. and Hakuhodo, an integrated marketing firm have announced their demonstration of Kyoto NFT project, designed to tokenize “special local experiences and real-world assets (RWAs) (*1) as non-fungible tokens (NFTs) (*2) to turn Japanese and international purchasers into relationship populations of the areas.” An initial demonstration on the Astar Network took place in 2023 and the second one is planned for 2024, according to a recent press release. 

ASTR price is likely to revisit its 2024 high

ASTR price is currently in an uptrend. The token is trading at $0.1813, range bound between the January 3 peak of $0.1911 and the daily support/resistance level at $0.1718. ASTR price is likely to rally towards the 2024 high at $0.1983, if the uptrend stays intact. 

The Relative Strength Index (RSI) reads 57.58, which is well above the neutral level at 50, signaling bulls are likely regaining control of ASTR. Awesome Oscillator (AO) flashed its first green bar in February, fueling hopes of ASTR price pushing higher, past the resistance at $0.1911, the 100% Fibonacci Retracement level of the decline from January 3 to 8. 

ASTR/USDT 1-day chart

A daily candlestick close below the $0.1718 level could signal weakness in ASTR’s uptrend and a correction is likely. The 50% Fibonacci Retracement level at $0.1518 could come into play as support for ASTR.