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- 1 CSPR price made a rally of 16% after getting support from the 50 EMA
- 2 CSPR price is moving upwards if it gets buyers’ support from the recent level it might go up 11% more
Casper Network is a layer 1 proof-of-stake enterprise blockchain that is developer friendly as it is designed to help enterprises begin building blockchain-enabled products and services quickly and efficiently. Casper provides upgradeable smart contracts with developer-friendly features and lower gas costs compared to many other layer-1 blockchain offerings. The present price of CSPR is $0.041 USD.
CSPR price trading on a bull trend ( 1 Day Timeframe )
CasperLabs was founded by Medha Parlikar (CTO) and Mrinal Manohar (CEO) who serve as their CEO and CTO respectively. Casper Network is supported by its native cryptocurrency CSPR which is used to reward network validators for processing on-chain transactions through the Caspers consensus Proof of Stake mechanism.
The overall market sentiments are currently trading at the neutral level of around 51 points in the greed and fear index provided by the Alternative (dot) me site. Although the market is currently being overpowered by the sellers by a slight percentage while in CSPR the sellers are dominating the market by 51% according to Coinglass.
Technical Analysis ( 1 Day Timeframe )
Casper’s price is trading above the 200 EMA while constantly taking support from the 50 EMA. All the major indicators are trading above the 200 EMA which indicates that the price is currently trading on a bull trend while respecting the 50 EMA signifying the strength of the trend.
The CSPR price is currently taking support from the level of $0.037 while its next support level is just below it around the price of $0.035. CSPR price is trading near its resistance level which is around $0.042 while its next resistance is at a price of $0.046
RSI indicator is showing a decline in trend by making an RSI divergence where the RSI line is moving in contrast with price action. The RSI line is trading above the median line of 59.71 points while taking support from the 14 SMA trading at 53.73 points.
Conclusion
The CSPR is currently on a bull trend above 200 EMA while making a rally of 11% although according to price action, this rally might continue up to 20% if it does not take resistance from the recent levels. Although the RSI line is making a bearish divergence. RSI might go bullish if it takes support from the median line.
Technical levels –
Support – $0.037 and $0.035
Resistance – $0.042 and $0.046
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
