Casper coin price stayed in the narrow range post breakout of the falling wedge pattern and faced a 200-day EMA, which acted as a barrier. Moreover, the chart shows multiple rejection wicks and price consolidating in a biased range showing pressure in the past sessions.
The inverted V-shaped pattern suggests past sessions. Recently, the coin has retested the demand zone of $0.03500 and showed a bounce. Furthermore, the Casper price has corrected from the top of $0.6400 by over 40% in the past months. However, sentiments favour a rebound, and buyers persist in accumulating the coin price and are willing to rescue the gains.
At press time, the CSPR price is trading at $0.3847 with an intraday gain of 0.42% showing neutral indications on the charts. Moreover, the trading volume remained average at $5.28 Million, and the pair of CSPR/BTC is at 0.00000131 BTC. However, the market cap of CSPR is $432.72 Million.
The technicals indicate that the CSPR coin is looking for a breakout of the consolidation phase, has ended the correction, and is looking for a new bullish journey toward the neutrality of $0.05000. Recently, CSPR has shown a breakout, but the runaway is pending and will be seen in the following sessions.
Casper coin has an upper trajectory of $0.04500, which, if surpassed, leads to a significant rally toward the region of $0.06000. Conversely, the lower trajectory is near $0.3400, below which a free fall can be seen toward $0.02500.
CSPR Price Shows Consolidation On Daily Charts
On the daily charts, the CSPR price is trading below neutrality and facing consolidation near the 200-day EMA. Moreover, the chart showcases that the price is near the breakout zone, and if it surpasses the neckline of $0.04000, it will soon skyrocket.
As per the Fib levels, the CSPR price is trading near the 23.6% level and trying to acquire the 38.3% zone. Moreover, the price is hovering near the lower bollinger band and trying to attain momentum by escaping the cage.
What Technical Indicators Say?
On the 4-hour charts, the CSPR price is in a narrow range and hovering close to the demand zone. Moreover, the trading volume is average, resulting in price consolidation. Bulls and bears are fighting hard, but the price is in a range.
The RSI curve stayed near neutrality and showed a positive crossover on the charts. Moreover, the technicals are suggesting an up move for the following sessions.
The MACD indicator showed a convergence of the moving averages but favoring the bulls and suggesting an up move for the upcoming sessions.
Conclusion:
Casper price is hovering in the narrow range and consolidating below the 200-day EMA. Buyers are struggling to retain the zone of $0.04500 and are willing to catch the gains. Moreover, the buyers persist in making long build-ups and accumulating the coin to retain the momentum in the upcoming sessions.
Technical Levels:
Support Levels: $0.03300 and $0.03000
Resistance Levels: $0.04200 and $0.04500
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.
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
Source: https://www.thecoinrepublic.com/2023/08/12/casper-price-analysis-will-cspr-escape-neckline-of-0-04000/