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HomeMarket AnalysisCasper price prediction: Technical indicators favour bulls

Casper price prediction: Technical indicators favour bulls

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crypto
  • Casper price is down 2% in the past 24 hours, action that mirrors broader market sentiment.
  • CSPR rose to $0.063 in April.
  • The technical picture signals continued strength despite the latest dip.

CSPR, the native governance token of Casper Network, is down 2% in the past 24 hours and up roughly 1.5% in the past week. According to CoinGecko, 30-day gains stand at around 3.2% as of July 29 at 11 am ET, with CSPR changing hands near $0.039.

The daily trading volume has fallen by about 36% in the past 24 hours to suggest reduced network activity, data shows. Given these details, what’s the price outlook of Casper’s native token?

CRPR price outlook: key developments

Casper is an L1 proof-of-stake blockchain based on Correct-By-Construction (CBC) consensus specification and targeted for institutional and enterprise clients.

From a broader crypto market perspective, Casper’s price performance over the month aligns with recent struggles for mega caps. Bitcoin has found it difficult to break above $30k and currently hovers near $29.3k, while Ethereum’s attempts to reclaim $1,900 have been rejected multiple times.

Even XRP, which outperformed the top altcoins by a big margin after Ripple’s win against the US Securities and Exchange Commission (SEC), has pared more than half the gains seen on July 13 when it soared over 100%. XRP is down 8% in the past seven days.

As noted, Casper has traded lower in recent days. However, with sentiment across the industry largely bullish, a return to key levels is likely to catalyse more gains for hodlers. The blockchain platform’s growth metrics remain positive, particularly after a recent partnership with US-based regulated broker-dealer INX. 

The collaboration will see Casper Labs’ equity tokenized and listed for trading on secondary markets. The firm expects this to be rolled out in September 2023. Other notable events are the recent announcements around update to the Casper Wallet and integration with fiat-to-crypto onramp Topper.

Investors are buoyed by the developments, which could see more adoption and demand for CSPR and potentially boost its price.

CSPR price – technical outlook

As the chart below shows, the technical outlook for CSPR suggests bulls still have the upper hand. Buyers are likely to seize control if prices break above the resistance area marked by the trendline (red). 

cryptoCasper Network price chart showing CSPR performance on the daily chart. Source: TradingView

The daily RSI is supportive of this as it holds the trajectory seen following the CSPR/USD breakout on July 21. The MACD indicator is also highlighting growing strength.

If price holds above the 50-day EMA, it could continue towards $0.046 and the primary hurdle at $0.053. Above this is the year-to-date highs of $0.063 reached in April.

On the downside, the main support level lies around $0.035.



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