Significant Rise In CSPR Price

CSPR price has been declining since the formation of a yearly high at $0.06385 on 30 April 2023 which recently found stability. There has been significant growth in price since 20th July 2023. The cryptocurrency price formed a support at $0.03560 which helped in halting the bearish pressure.

The price surged but the move could not sustain above the $0.041 level. CSPR price retraced and formed support at $0.0375 and is currently striving to shatter the resistance level of $0.041 and head toward the $0.05 psychological level.

Currently, CSPR price is stuck in a narrow consolidation zone ranging between $0.0375 and $0.041. If bears enter the market and push the price below $0.0375, there is the possibility that the price might melt down toward the major support of $0.0356 causing a downfall of roughly 5%.

On the other hand, if bulls can push the price above $0.041, it might rise toward the next resistance level of $0.045. Traders should wait for the candle to close in both possible scenarios.

Reason Behind Recent Surge Of Casper Labs

Casper Labs, the enterprise blockchain software leader, has chosen the INX digital company, a United States-regulated broker, ATS, and transfer agent as its preferred platform to tokenize and list its equity for trading on the secondary market.

This move demonstrates its commitment to embracing regulations, the power of digital assets, and the future of Finance.INX.One will open up Casper Labs shares to both retail and institutional investors in more than 60 countries which would be beneficial for Casper Labs.

The listing of Casper Lab’s equity on INX.One is scheduled for September 2023. The partnership announcement was the primary reason for the surge in the CSPR price.

Will CSPR Price Rise to $0.045?

The cryptocurrency price climbed above the 20 and 50-day exponential moving average, suggesting a rise in bullish momentum. Previously, the 100-day EMA has acted as a resistance for the price. Chaikin money flow (CMF) score is 0.00 implying that there is neither strength nor weakness in the market indicating the possibility of consolidation.

The relative strength index is 56.95 indicating price still possesses bullish momentum and might retrace after reaching the 60 mark. The 20-day SMA has been acting as a support for the price and it is headed toward the upper band of Bollinger which resides at $0.04153.

The long/short ratio is 1.05 with 51.35% longs and 48.65% shorts indicating slightly higher pressure from buying side in the last 24 hours.

Conclusion

The market structure and price action indicate that the price is currently consolidating between the range of $0.041 and $0.0375.

Technical Levels

Major support: $0.0375 and $0.0356
Major resistance: $0.041 and $0.045

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing