CSPR Price Analysis: Why did the CSPR price fall by 26%?

• 1 CSPR price after making trending on a bullish trend of 45 percent is taking a correction
• 2 CSPR price trading under all the major key averages

The CSPR price after moving on an uptrend is taking a bearish turn. The Casper price changed its trend from the bear’s to the bull’s favor near mid-December. The price after crossing above the 50 EMA made an extremely bullish move of 30% but after taking rejection from the 200 EMA. The CASPR price made a retest again and finally made a breakout with a strong bullish candle and started trading above it while making a bullish double bottom pattern.

CSPR price moving on the bearish trend after crossing 200 EMA (Daily Timeframe)

In an analysis conducted previously by our analysts near the last week of February, it was estimated that after taking support from the 200 EMA the CSPR price might give a bullish move of 20 percent, and as the RSI line was trading near the overbought level it was also concluded that if the price did cross above its resistance levels it might take a reversal. 

The current price of CSPR is $0.0337 with a change in 24-hour trading volume of 21 percent.

Technical Analysis (On 1 Day Timeframe)

EMA’s – The CSPR price after trading in an uptrend above the 200 EMA while respecting its 50 EMA although after taking resistance from the $0.045 level twice. Casper price made a severe downturn of 26% while crossing below the 200 EMA with an extremely bearish candle and falling below all the major key averages.

RSI – The RSI line is currently trading near the supply zone above the 30 RSI around 35.80 points and the 14 SMA is trading near the median line around the 51.63 points. Although the making of an upward curve of the RSI line is suggesting that the RSI line might start moving towards the overbought levels.

Conclusion

While consistently taking support from its 50 EMA and moving on an immaculate bullish trend is taking a sudden bearish turn. The CSPR price after making a bullish move of 20 percent took a reversal and made a sudden downturn of 18 percent while after breaking its major support around 200 EMA the CSPR price changed its trend in the bear’s favour and made a downturn of 26 percent. The price going under the 200 EMA is suggesting that the price might soon be under the seller’s influence.

Technical levels –

Support – $0.030

Resistance – $0.036

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.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.