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- 1 The technical indicators are signaling bearishness, as the MACD has made a strong bearish crossover.
- 2 The price vs volume chart describes a decline in volume along with the price decline, which suggests the continuation of the ongoing downtrend.
The Casper crypto currently appears like it is in an uncertain position, with both bullish and bearish forces attempting to gain the upper hand.
At the beginning of 2024, the Casper price began to decline from the resistance trendline near $0.05500. Despite rallying attempts, the price could not break through this resistance, with the most recent rejection occurring in mid-March 2024.
The price trajectory now suggests that Casper may be on the brink of a significant drop, having already encountered resistance and begun a downward trend. The asset’s bearish momentum seems obvious, as it has fallen below the critical 20-day and 50-day exponential moving averages, indicating that lower levels may be reached if selling pressure increases.
Casper Price And Indicator Study
The technical indicators also signal bearishness; the MACD has made a strong bearish crossover at -0.001149, and the histogram is trending downward at -0.000477. The Relative Strength Index is currently at 43.30, below the neutral 50 mark, and the 14-day Simple Moving Average is at 42.69, both suggesting that the CSPR asset’s momentum is waning and it may descend further.
Casper’s recent performance metrics highlight a bearish outlook, with a weekly decline of 1.92%, a monthly drop of 0.70%, and a quarterly fall of 17.75%. These figures indicate the start of a consistent downward trend. As of the latest update, there’s a minor intraday rise of 0.43%, but the overall price structure remains bearish, with Casper trading at $0.0394. If bearish trends intensify, we could see the price testing the support level at $0.03500, and potentially even the critical support at $0.03000.
Conversely, should the market sentiment shift and buyers regain control, there’s potential for Casper’s price to ascend towards higher levels of $0.04500 and $0.05000, transforming the current decline into merely a short-term correction.
Volume Analysis Of Casper Price
Moreover, the volume analysis shows that the Casper crypto asset has received $11.32 Million in volume. The price vs volume chart describes a decline in volume along with the price decline, which suggests the continuation of the ongoing downtrend.
Summary
The deep analysis for Casper (CSPR) crypto suggests a bearish trend. The price has declined from a high of $0.05500 and is struggling to overcome resistance levels. The MACD and RSI are showing strong bearish signals, with the MACD turning bearish at -0.001149 and the RSI below the neutral 50 mark at 43.30. The asset’s performance has been negative over the last week, month, and quarter, indicating a potential stable downtrend.
Currently, Casper’s price is at $0.0394, with a slight intraday increase of 0.43%. If the bearish momentum continues, the price could test support levels at $0.03500 and potentially $0.03000. On the flip side, if the bulls regain control, there’s a chance for a rebound towards $0.04500 and even $0.05000, turning the current decline into a short-term correction. The market sentiment appears cautious, with the possibility of further decline or a bullish reversal.
Technical Levels
Support Levels: $0.03500
Resistance Levels: $0.04500
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
