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Casper Price Soars As Bulls Head The Market: Will CSPR Confirm The $0.055 Target?

02/10/2023
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Casper (CSPR) has been trading with a bullish bias since February 1, with bulls raising the price 37% to the current price. In the February 4 trading session, the CSPR price soared to $0.04 as bulls led the market with their eyes set on the $0.055 mark. The target is still intact, and bulls are doing their best to raise the price.

At the time of writing, CSPR was trading at $0.044 after gaining 8% on the last day. Investors are obviously interested in accumulating the Layer 1 blockchain asset, given the 169.71% increase in trading volume over the last 24 hours to $26.97 million. Such a significant surge in trading volume indicates a bullish signal and increases the chances for CSPR to hit the $0.055 target.

Casper To Partner With Fortune 100 Companies

Casper is a public Layer-1 (L1) blockchain geared toward enterprise adoption. The recent surge in CSPR price can be attributed to partnership plans that the network has with three different networks, Chainlink Labs, Protocol Labs, and Unstoppable Domains.

Casper’s ecosystem is thriving with partnerships and cutting-edge use cases, building and expanding its offerings worldwide. The collaborations come as organizations are drawn to the Casper network for its predictable fees, ease of migration for existing applications and decentralized applications, support and services by Casper Labs, and its energy consumption model.

Enterprise blockchain use cases have been highly touted despite seeing far less implementation compared to retail and crypto-native use cases. The disparity comes as enterprises generally move slower, requiring more secure, regulated, and tailor-made infrastructure. The Casper network seeks to provide a reliable infrastructure for enterprises.

At the core of Casper’s technological differentiators are upgradeable smart contracts and weighted key management designed for enterprise adoption. However, only a handful of enterprise applications have launched, and retail activity on the network is low. Nevertheless, Casper’s core technology and developed partnerships position the network as a leading blockchain for enterprise use cases.

Even though Casper currently is within the top 100, it is massively overlooked. Technology, partnerships, and upcoming T1 listings will establish CSPR in the top 20 over the next couple of years, with enterprise adoption being where the majority of volume flows on-chain.

Will Casper Finally Make The 24% Rally To $0.055?

Casper price is trading above all the applied crucial moving averages, starting with the 50-day Simple Moving Average (SMA) at $0.0328 (yellow), the 200-day SMA at $0.0325 (purple), and lastly, the 100-day SMA (red) at $0.032.

The current price, at $0.044, was sitting on the 78.6% Fibonacci retracement at $0.043. To get there, CSPR would first have to retest the 107% Fibonacci retracement at $0.0495, after which a build-up in buying pressure could send them to the 132% Fibonacci retracement at $0.0549.

If bulls make it to the target, it would have completed a 23.96% move from the current level and a 110.44% surge from the support floor.

The Moving Average Convergence Divergence (MACD) indicator was moving upwards, the same as the Relative Strength Index (RSI). Similarly, the histograms were flashing green. All these suggested that bulls were leading the market.

As such, CSPR is better placed to maintain the uptrend as the MACD is already significantly above the zero line. The SMAs provided breathing zones for CSPR price in case bulls needed a pause to gather strength.

CSPR Daily Chart

Casper (CSPR)
TradingView Chart: CSPR

Conversely, the position of the RSI at 70 hints at an overbought CSPR, which means buyer momentum, could soon wear out, and the Casper token price could begin a correction southward.

If bears recover the Casper market, CSPR price could drop, first losing the 78.6% Fibonacci retracement. Suppose the price takes a downward motion. In that case, we could expect a retest of around $0.037 at the 50% Fibonacci retracement or the 23.6% Fibonacci retracement at $0.0261 before it heads down to sweep liquidity at the $0.026 support floor.

Casper Price Presents Key Golden Cross Pattern

Notice that the CSPR price had formed a golden cross pattern when the 50-day SMA crossed above the 200-day SMA in the Tuesday trading session. A golden cross signifies the beginning of another bullish breakout and occurs when a short-term moving average flips above a longer-term moving average.

Accordingly, investors making long bets for CSPR price would stay profitable for the near future for as long as the golden cross pattern is sustained in the daily period chart. Investors can also rely on this technical formation for a short-term bullish outlook for CSPR price.

Nevertheless, it would be ideal to buy CSPR once the price cracks past the $0.045 resistance because, past this hurdle, investors could push the trend to the $0.0495 target, where some may decide to book profits.

The overly bullish investors may decide to wait until the CSPR price reaches $0.055 before locking in gains. Judging from the current chart presentation, $0.055 is a relatively modest target, considering Casper could soar to hit $0.1 in the coming weeks.

CSPR Alternatives To Buy For The February Rally

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Source: https://insidebitcoins.com/news/casper-price-soars-as-bulls-head-the-market-will-cspr-confirm-the-0-055-target