Price action seems relatively bullish but needs clarification.The crypto market is showing bullish signals as the crypto winter is supposedly over. Last year Casper (CSPR) prices were halved, and in 2023, it surged by 63.8% in the first 90 days. CSPR price change in 7 days was with a gain of 11.9%, helping it to top the gainer list.
Casper (CSPR) Slowly Gaining Traction
At press time, Casper (CSPR) was trading at $0.5792 with a drop of 2.80%, and the value against Bitcoin suffered by 4.90% to 0.000002021BTC. Its market cap was corrected by 2.78% to $636 Million, and reading volume stumbled by 28.85% to $13.09 Million. Ranking at number 68, CSPR enjoys a market dominance of 0.05%.
The considerable drop is considered a breather before the next bull run or the bears have started scratching. In the last seven days, social mentions gained 33.6% with 2,616, while social engagements hiked by 34.1% to 8.3 Million. These numbers hint towards a positive sentiment building around CSPR.
Source: Lunarcrush/ CSPRThe current rate is 95.74%, down from its all-time high of $1.3633 Casper achieved on May 12, 2023. At the same time, it’s up by 159.98% from its all-time low of $0.02235 hit on June 18, 2022. CSPR has an ROI increase of 93.69%.
Launched on the mainnet on March 30, 2021, Casper is the first live Proof-of-Stake (PoS) blockchain, built on the specifications of Casper CBC. It is designed to boost the adoption of blockchain technology, dApps, and smart contracts globally. It is done by solving a trilemma. They offer enterprise-grade security, decentralization, and scalability within the same blockchain protocol.
Casper’s future-proof architecture is designed to facilitate the continual development of the platform as per users’ needs. It is also maximally accessible to developers from all backgrounds to create. Its white paper states that the blockchain is compatible to suit both developer and enterprise needs. They are on a mission to begin a new era for Web3 because the demand for intuitive, interconnected services is at an all-time high.
Casper (CSPR) – Candle Exploration
After consolidating between $0.02696 and $0.04591 since the start of 2023, CSPR finally broke the breakout level. It previously tried to do so in February and March 2023 but finally managed in April, with a sharp rise. Even though it retraced a bit, but never crossed the breakout zone, now acting as a strong resistance.
Source; TradingView; CSPR/Tether MACD is moving in a positive direction, and EMA is gradually rising. As long as the price is above the breakout level, it is supposed to move toward R1. It may consolidate between the two points for a while. If the price drops below the level, it might enter the demand zone, but a clean breakdown is unlikely.
Considering its co-relation with Bitcoin, the CSPR price movement is relatively similar. With BTC currently trading at $28,660.13 with 2.40% growth in 24 hours, Casper can hope positively.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
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