Casper Network’s CSPR price recently experienced a surge of 16% following support from the 50 EMA. However, the question on everyone’s mind is whether the price will continue its upward trend. In this article, we will analyze the CSPR price trend and provide insights into its potential future movements.
Casper Network is a layer 1 proof-of-stake enterprise blockchain that is known for being developer-friendly, allowing enterprises to build blockchain-enabled products and services quickly and efficiently. It features upgradeable smart contracts with developer-friendly features and lower gas costs compared to other layer-1 blockchain offerings. Currently, the price of CSPR is $0.041 USD.
CSPR Price Trend on a Bull Run
According to the CSPR/USDT TradingView chart for one-day timeframe, the CSPR price trend is bullish. All its major indicators are trading above the 200 EMA, indicating that the price is currently on a bull trend. Additionally, the price is constantly taking support from the 50 EMA, signifying the strength of the trend.
Although the CSPR price is currently taking support from the level of $0.037, its next support level is just below it, around $0.035. The price is also near its resistance level, which is around $0.042, and its next resistance is located at a price of $0.046.
The Relative Strength Index (RSI) indicator is showing a decline in trend by making an RSI divergence where the RSI line is moving in contrast with price action. The RSI line is trading above the median line of 59.71 points while taking support from the 14 SMA trading at 53.73 points.
Market Sentiments
The overall market sentiments currently rate at the neutral level of around 51 points on the greed and fear index provided by the Alternative (dot) me site. Although the market is currently being overpowered by the sellers by a slight percentage, in CSPR, sellers are dominating the market by 51% according to Coinglass.
Technical Analysis
The CSPR/USDT TradingView chart shows that CSPR’s price is trading above the 200 EMA while taking support from the 50 EMA. The major indicators are trading above the 200 EMA, indicating a bullish trend while respecting the 50 EMA signifying the strength of the trend.
CSPR’s next support levels are $0.037 and $0.035. The resistance levels are $0.042 and $0.046, respectively.
Conclusion
CSPR is currently on a bull trend above 200 EMA, making a rally of 11%. However, according to the price action, this rally might continue up to 20% if it does not take resistance from the current levels. Although the RSI line is making a bearish divergence, RSI might go bullish if it takes support from the median line.
Responsible Investing
Investing in or trading cryptocurrency assets comes with a risk of financial loss. Therefore, CSPR investors must conduct responsible investing by being aware of the risks, understanding the price trend and technical analysis, and investing with caution.
In conclusion, Casper Network’s CSPR has gone through a 16% rally with potential to reach higher levels. However, the current market sentiments and the potential resistance levels at $0.042 and $0.046 could stall that upward momentum. Consequently, investors are advised to evaluate the market before considering any significant investment in CSPR.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
