Casper Network (CSPR) Retraces To Key Support $0.041, Are Bulls Still In Control?

  • CSPR’s price struggles to hold above key support as the price needs to hold above $0.041 to maintain its bullish run. 
  • CSPR’s struggles continue as a hidden bearish divergence is evident in the four hourly timeframe. This suggests that a change of trend might be imminent. 
  • As long as the price of CSPR trades above 50 Exponential Moving Averages (EMA), it continues to be bullish. 

Casper Network (CSPR), which has seen a lot of traction, rallied from its weekly lowest to a peak price of $0.055, and then was rejected by traders who tried to make it trend higher. Despite uncertainty in crypto markets, such that the price for Bitcoin (BTC), and the other crypto assets like Ethereum (ETH) suffered a small setback in price movements, Casper Network (CSPR), has seen strength. This has produced green moments to traders who had invested in this asset. (Data source: OKX).

Casper Network’s (CSPR) price analysis on the Weekly Chart.

In light of their entry at the peak of events, the bear market was favorable to some projects. They have seen a decrease in their value compared with other crypto assets, which experienced a rally that reached all-time highs.

Casper Network (CSPR) hasn’t enjoyed its price due to the bear market, but in recent weeks showed some great price movement, with so many traders and investors becoming interested in its projects after rising by over 90% from its cycle-low.

CSPR’s price fell from a high of $27 on the weekly timeframe to a low of $0.05; the price of CSPR bounced from this region to a high of $0.2, where the price was rejected as it failed to break above this region. 

The price drop in CSPR caused rejection. However, the price saw more buyers. This looked like a demand region for CSPR. It rose to $0.055 from $0.025, its highest point.

Weekly resistance for the price of CSPR – $0.055.

Weekly support for the price of CSPR – $0.036.

Price Analysis of CSPR on the Daily (1D), Chart

Source: CSPRUSDT On| Source: CSPRUSDT On

The daily price range for CSPR was bullish. However, it failed to rise above $0.055 as the price attempted to rally. The support for CSPR at $0.046, which is the 200 EMA, has been lost. The price may now be moving towards its major support at $0.041. 

Price support is provided by CSPR if it remains above $0.041.

CSPR’s price on the four-hourly timeframe formed a hidden bearish divergence indicating a possible retracement to key support, which is healthy for the price to trend higher.

Daily resistance for the CSPR price – $0.55.

Daily support for the CSPR price – $0.44-$0.38.

Featured image from Financialwatch. Charts from Tradingview. 

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