The CSPR price has been in a continuous declining trend losing all the gains and continuing with the further decline forming an interesting channel pattern. The price is in a continuous decline after a short-term surge in April 2023. Since then, the price has wiped out nearly 50% in the last 6 months and more than 30% declined in the last 3 months.
The price has been rolling between the upper and lower boundary of the channel pattern and declining. The daily chart shows that the price slumped below the key moving average of 50 and 200 EMA. The CSPR chart also witnessed a death crossover on the charts.
Recently, the price consolidated near the previous swing low waiting for buyers to accumulate and defend the swing low. The failure of the price caused a breakdown of the support of $0.34 and declined to the lower levels.
Casper (CSPR) is a network that uses PoS consensus to enable fast and scalable blockchain services for enterprises. Casper is based on the CBC Casper specification, which is a result of years of research by CasperLabs. CasperLabs is a company that provides support and solutions for organizations building on the Casper Network, similar to how Red Hat supports Linux users.
Casper Price Prediction Using Price Action Strategy
The CSPR price may decline to a lower level as the bears are dominating currently. The price could not sustain above the key moving average 50 EMA indicating the weakness in the crypto in the short term.
Also, the volume analysis shows that the volume received is less than the average volume indicating the weakness in the market. The CSPR token has received a $2.5 Million volume in the past 24 hours which is nearly 27.7% more than the last day. The price may keep declining until it gets enough buyers to consolidate at the lower levels and counter the selling pressure.
CSPR Price Forecast: What the Indicators Are Showing
As per the EMA analysis, the CSPR price could not sustain above the 50 and 200 EMA indicating the weakness on the daily charts. The EMAs turned resistance as the price suffered multiple rejections and declined.
RSI has entered the oversold region indicating the dominance of sellers in the market at the moment. MACD lines have made a bearish crossover. Histogram bars are being formed below the mean line with increasing height indicating that the bearish trend may continue to prevail in the short term.
Conclusion
Casper is a network for fast and scalable blockchain services. The CSPR price has been falling since April 2023 and is in a channel pattern. The price is below the 50 and 200 EMA and shows a death crossover, indicating bearishness. The price broke down the support of $0.34 and may decline further.
The volume is low which shows weakness in the market. The CSPR price needs to find buyers at the lower levels and counter the selling pressure. The CSPR price is at $0.29 with a drop of 3.8% in the last 24 hours.
Technical Levels
- Support levels: $0.03 and $0.025
- Resistance levels: $0.039 and $0.042
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 or stock 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/2023/09/11/casper-price-prediction-2023-will-cspr-sustain-or-get-detained/