Casper Price Prediction: Will CSPR regain strength above 20-day EMA?

• CSPR coin faced rejection near its crucial huddle and retraced back.
• Bulls showed their solid arms and maintained the uptrend.

Casper coin looks bullish, and bulls are taking control of the rising action for the past few sessions. The coin trades above its significant moving averages and far above its congestion zone. However, CSPR failed to sustain near its strong resistance mark at $0.05800 and reverted. The price action still indicates the bullishness that bulls attempt to fetch in the upcoming sessions. The sellers were trapped in the recent price rally, which covered positions in price corrective moves. Moreover, the chart pattern favored bulls, and the classic W pattern breakout led the price to test higher marks near $0.06000. However, bulls were unable to hold the strength and returned nearly 20 days EMA 

When writing, Casper coin trades at $0.04761 with an intraday drop of 2.95%. Moreover, the trading volume is showing neutral views gained by 3%. 

Daily charts showing Bulls Potency

On the daily chart, the CSPR coin gives a positive outlook with bull strength. The recent breakout in price shows that bulls are willing to break the rule. The triangle neckline was broken, and bulls gained momentum, which made the coin trade above $0.05000. Moreover, the price moved from the upper Bollinger band, tested $0.06000, and returned toward the middle band. The Fib level indicated that the price reverted from the higher marks and took support near 50% at $0.04750. 

The price action indicates that the CSPR coin moved out of the congestion zone, and the momentum led by the bulls was showcased.

Short term chart shows a correction 

On the 4-hour chart, CSPR is gradually moving towards its 20-day EMA and seller-covered positions with profit booking. The traditional indicators show bearishness because of the unwinding move, and buyers lose momentum near the supply mark, which results in a retracement phase.

The RSI is slipping below the neutrality and heading towards the sellers region, the negative crossover on the curve indicating that sellers are now gaining strength and covering the positions shifting the price to retest the 20 EMA mark. However, the coin took to support and attempted a bounce near the support mark of $0.05000. 

The MACD indicator was in the hands of sellers, but in recent hours buyers activated the momentum, and a bullish crossover was noticed on the indicator.

Conclusion:

Casper Price is staying above 20 EMA, which signals buyers continue to hold the momentum and are willing to retest marks above $0.06000.

Technical Levels : 

Support Levels:$0.05000

Resistance Levels:$0.06500

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.

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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