Casper price prediction indicates the CSPR token may break its bull trend on the one-day chart. Presently, the CSPR price is down by 8.42% over the past 7 days, whereas according to the price action, if the Casper price continues to move in the bear’s influence, it will see a further decline of 12 – 16% within the next week.
Presently, the price is making a bearish breakout. Recently, the CSPR token broke its trendline and after taking a retest, it is seeing a further decline in value. The buyer’s optimism regarding the token is declining.
Casper has been invented to accelerate enterprise and developer adoption of blockchain technology and evolve to meet user needs in the future. Casper Network is the first live proof-of-stake blockchain built off the CBC specification. The native token of Casper Network CSPR, is used to reward the validators.
At the time of writing, the value of CSPR is $0.036 and has a market capitalization of around $411.88 Million.
A Drop in Overall Parameters of LunarCrush
The all-around metrics in the LunarCrush platform are flashing red. Multiple social media metrics on LunarCrush suggest the community’s disinterest in the token is rising across the majority of social media platforms. Total bullish sentiment metrics recorded a drop of 46.35% and the social engagement level is also down by 23.06%.
The RSI oscillator has been moving below the median line for the past few weeks. The making of a bullish reversal is inevitable for RSI in the near future. The current value of RSI is 37.97 points, whereas the 14 SMA is providing resistance to it at 39.56 points.
The stochastic RSI is facing rejection from the median line on the one-day chart. The value of the stochastic RSI is 39.02 points. The %K and %D lines give a bearish crossover below, momentarily.
Conclusion
The analysis of the price action of CSPR suggests bears hold a firm grip over the price action. The oscillators are presenting a bearish view regarding the future trend on the daily chart.
Bears are presently trying to push the Casper price below the present. The stochastic RSI suggests the CSPR token may take a further decline in the near future.
Technical levels –
Support – $0.020
Resistance – $0.050
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.
Source: https://www.thecoinrepublic.com/2023/07/10/casper-price-prediction-cspr-price-takes-an-unexpected-turn/