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Casper Price Sinks Below 20 EMA: Are Bulls Losing Strength?

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The Casper price broke out of a three-day losing streak on Sunday and is trying to recover the losses today. The CSPR crypto lost nearly 17% in the earlier three sessions and broke below the 20-Day EMA over the daily chart. 

At the time of writing, the crypto was trading close to $0.042, recording a swift negative intraday development of 0.35%. The crypto is trying to stabilize near the 50-Day EMA as a green candlestick was observed after losing for the last three sessions. 

The bears have reclaimed their dominance near the monthly highs and are willing to take the price on the lower side to maximize their returns. The price is trying to stabilize near the dynamic support and looking for buyers to establish their presence near the lows. 

Casper Crypto Volume Analysis

The above chart exhibits the contrast between the price and volume in the Casper crypto. On examination, it was observed that the CSPR crypto witnessed a significant growth in the average volume which started in February and kept on increasing till the 2nd week of March 2024. The average volume saw an increment from $5.5 Million in February to $18.5 Million in March. The CSPR price also witnessed significant growth in the period. 

However, the last few sessions saw a sharp drop in the price along with the drop in the volume. The volume dropped from 22 Million to nearly 15 Million last week. The intraday volume received was $13.36 Million with a drop of 13.70% as compared to the previous session. The volume to market capitalization was 2.69%. 

OI Data Dropped In The Recent Sessions!

The OI data represents the number of open contracts in the Casper crypto. Looking precisely over the above data of OI and market capitalization, it was observed that OI volume was low in January and it stayed below 1.2 Million In January. 

However, the Open Interest contracts rose significantly in February and the first two weeks of March and touched a high of over 3.5 Million contracts highlighting an upward momentum in the price and market capitalization. 

However, the OI data dropped back to two million in the last one week and is currently stabilizing. Casper crypto price also noted a sharp drop in its price and market capitalization over the last one week.

Sentiments Have Turned Negative: Will CSPR Fall More?

The volatility curve has reversed its course and is making its way towards the north in the past week. It indicates a rise in the volatility in CSPR crypto. The crypto may head for a correction. 

Also, the sentiment curve has shifted its territory from positive to negative in the last few sessions. The overall weighted sentiment was positive till March 12th 2024, however, it later shifted to negative after that. It highlights the increasing short-term domination of the bears. CSPR price may head for a correction if the bears continue to dominate.

Casper Crypto Short-Term Trend Outlook

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The short term trend outlook has weakened turned bearish after a sharp drop in the Casper cryptocurrency price in the recent sessions. However, the trend has still not shifted fully towards the bearish side. The long-term trend outlook is still on the bullish side and which may attract more buying volumes at discounted price. 

Now, if the Casper price stabilizes near the dynamic support of 50-Day EMA and breaks higher, it may validate the buyers’ dominance at the lower levels and a trend continuation on the higher side. The short-term traders and investors may go for $0.051 and $0.056 in March.

On the flip side, if the price fails to sustain near the 50-Day EMA and proceeds towards the lower side, it may enter short-term correction and the price may head for the $0.039 and $0.034 levels.

Conclusion

The Casper price noted a sharp fall in the last week and dropped nearly 17% from the recent highs. The CSPR crypto is currently trying to stabilize near the dynamic support of the 50-Day exponential moving average. 

The sentiment has shifted its territory towards the bearish side. Also, the Volume inflow and IO data have noted a sharp drop in last week.

Now, if the bulls make a comeback and stabilize the price near the 50-Day EMA, the price could reenter the upward trajectory as the long-term trend outlook is still bullish. 

However, if sellers continue to dominate and price breaks furtherl it may lead to a short term-correction and the price may continue to drop towards the 200-Day EMA.

Technical levels:

  • Support Levels: $0.039 and $0.034
  • Resistance Levels: $0.051 and $0.056

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.

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