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- CSPR has seen an increased correlation with Ethereum in the past few days and has reached 0.84.
- Technical indicators for CSPR favor a consolidation in price trend.
- It is up by 8.5% in the ETH pair.
Casper is an open, permissionless, and proof-of-stake blockchain which is designed for the developers and by the developers. It is one of the most customizable blockchains present in the market and is fully upgradeable. It is designed to increase the number of developers through the WASM code environment. It also has a future-proof architecture which means it can be continually developed as per users’ needs. Casper has recently introduced the Casper Wallet developed by Casper Labs’ help. It is a self-custody wallet that gives complete control of assets to its users. CSPR has been observing a decline in transactions over the past few days. The APY stands at 10.76%.
Casper has a market cap of $603 Million and is ranked 79th in terms of market capitalization. The volume of asset price gained 4% intraday. The volume-to-market cap ratio of CSPR suggests a consolidation in price trends.
Are the CSPR Bulls Ready For a Run?
The weekly technical chart of Casper hints towards a strong downside trend. The correlation with Ethereum has reached 0.86. CSPR is trading at around $0.0551, with a slight gain in the intraday session. The upside trend of the asset price can see it go up to $0.07. Meanwhile, a downside trend in price can see a bounceback from $0.05. It is trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future, pushing the price to a new high.
MACD of CSPR indicates bullishness in price. The bars and signal lines of the indicator suggest weak upside momentum.
Conclusion
CSPR recorded an increasing correlation with Ethereum and could move to a new high. CSPR’s price is currently consolidating below $0.06 but can soon show a strong breakout.
Technical Levels
Major Support:$0.05
Major Resistance:$0.07
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.
