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- Casper price is currently trading at $0.057 while seeing a decrease of -8.23% in 24 hour trading volume.
- CSPR price trades above 20,50,100 and 200-day EMAs.
- CSPR price has breached the recently formed support.
Casper network enjoyed an uptrend since the start of 2023. The positive trajectory has pushed the price from the low of $0.2754 in the span of 4 months. Casper price stands at $0.5729 while experiencing a loss of -3.81% so far today. The price saw an increase of 133% approximately since the start of the year. On a weekly basis, Casper price increased 4.63% while in the past 30 day price increased by 33.85%.
Casper relished the positive sentiment in the market in recent weeks, with price printing higher lows and becoming one of the top gainers in the crypto currency market. The price is trading above 20,50,100 and 200-day EMAs indicating bullish momentum in the market.
The current candle is breaking below support of $0.058 level increasing possibility for price to correct the upward move by retracing down to $0.04790 level. The price has several hurdles before reaching the $0.04790 level as the $0.05 level can be considered a strong level for price. The price did rise from the $0.05 level previously. Casper price indicates a possibility of pullback as price has been in a bullish uptrend since april and this pullback might result in formation of strong support level for the price to rise even more higher.
The break of support increased the participation of bears in the market and possibility of trend shift increased as price corrects the move. If bulls can get back control and push the price above $0.06240, there is a higher possibility for the price to target for $0.066 level. Casper price has the potential to reach $0.1 in upcoming months if bulls can form a strong support in this pullback phase.
Casper Technical Analysis:
RSI trades at 58.11 indicating that price has started to gain bearish momentum as the RSI has started dipping after touching the overbought zone. Casper price reached the upper band and started to show bearish momentum and price is headed towards the lower band of the bollinger. The 20-day SMA is acting as a support for casper price. According to coinglass, the longs/shorts ratio is 0.86 with 46.33% longs and 53.67% shorts indicating increased short position in the market. The chaikin money flow reached 0 level from 0.15 showing weakness in the market.
Conclusion:
The current market structure and price action has taken a shift from bullish to bearish after the break of recent support of $0.058 level. Technical parameters are showing signs of pullback in Casper price. The price has the potential to reach $0.1 level in the upcoming months if bullish momentum prevails in the market.
Technical levels:
Major support: $0.04170 and $0.04790.
Major resistance: $0.06240 and $0.0660.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
