Casper price prediction is bearish until the CSPR crypto is trading below the $0.04200 level. It formed a bearish pattern and continues to decline by forming lower lows.
The CSPR price faced rejection from the 200-day EMA and also dropped below the 50-day EMA. It showcases a downtrend and sellers continuing their dominance on the higher levels.
At the beginning of August, buyers tried multiple times to break the $0.04200 hurdle. However, due to the strong presence of sellers, the breakout attempts failed and prices reverted down.
In September, Casper crypto price slipped below $0.03500, which triggered negative sentiment and invited further decline. However, presently, the prices are near the strong demand zone, so the downfall might come to a halt.
The short-term pullbacks are getting rejection from the higher levels. So it will be difficult for the bulls to defend the demand zone.
Casper price is trading at $0.03272, with an intraday rise of 1.08%. The 24-hour volume-to-market cap ratio is 1.43%. The pair CSPR/BTC is trading at 0.0000012616 with an intraday decline of -0.65%.
Will Casper Price Recover or Decline Further?
Casper price prediction suggests prices look oversold, so a short-term pullback rally may come. However, the reliability of the pullback rally will remain doubtful until it trades below the 200-day EMA.
As of now, no signs of recovery are visible, so it’s better to avoid investing in CSPR until genuine buying is visible.
The crypto leaders, BTC and ETH, seem to be stuck in a narrow-range consolidation. So, if buyers succeed in breaking the higher range in BTC and ETH, then it will improve the overall market sentiment. It may also impact the price of CSPR as well as other altcoins.
CSPR Price Fell for Three Consecutive Weeks
The CSPR price fell for three consecutive weeks. This shows the strength of the bears. However, $0.03000 might act as immediate support for bulls, and they might try their best to rebound.
The MACD curve trading below the zero line and sloping downward indicates bearishness. The RSI at 33 is near oversold territory due to this short-term pullback rally that may arrive.
Conclusion
Casper price prediction is bearish for the short term. But the prices look oversold and near the strong demand zone. So, a temporary pullback rally may come.
The technical analysis suggests that until CSPR trades below $0.04200, it is expected to remain bearish. However, if it breaks the hurdle, then a short-term trend reversal is possible.
Technical levels
- Resistance Levels: $0.04000 and $0.04280
- Support Levels: $0.03000 and $0.02500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/12/casper-price-prediction-will-cspr-price-show-a-comeback-rally/