The price of Casper (CSPR), the native governance token of Casper Network, has experienced a 2% drop in the past 24 hours, which aligns with the broader market sentiment. However, despite this dip, technical indicators suggest that there is continued strength in the price.
In April, CSPR reached a high of $0.063. Currently, the token is trading at around $0.039, which represents a 1.5% increase in the past week and a 30-day gain of approximately 3.2% according to CoinGecko.
The recent decrease in daily trading volume, which has fallen by about 36%, indicates reduced network activity. Despite this, the overall outlook for Casper’s native token remains positive.
Casper’s Price Outlook: Key Developments
Casper is an L1 proof-of-stake blockchain that targets institutional and enterprise clients. In recent months, it has faced similar struggles as other major cryptocurrencies. Bitcoin has been unable to surpass $30,000 and is currently hovering around $29,300, while Ethereum has failed multiple attempts to reclaim $1,900.
Even XRP, which experienced significant gains following Ripple’s victory against the US Securities and Exchange Commission (SEC), has retraced more than half of its July 13 surge. XRP is currently down 8% in the past seven days.
Despite the recent decline in Casper’s price, overall sentiment in the industry remains bullish. The platform’s partnership with US-based regulated broker-dealer INX, as well as other notable events such as the update to the Casper Wallet and integration with fiat-to-crypto onramp Topper, are seen as positive growth metrics that could drive adoption and demand for CSPR.
CSPR Price Technical Outlook
The technical outlook for CSPR indicates that bulls still have the upper hand. If prices break above the resistance area marked by the trendline shown on the chart, buyers are likely to take control. The daily RSI and MACD indicators also suggest growing strength in the token.
If CSPR holds above the 50-day EMA, it could potentially reach $0.046 and then face the primary hurdle at $0.053. Furthermore, breaking the year-to-date high of $0.063 reached in April could lead to further gains. On the downside, the main support level is around $0.035.
What is CSPR?
CSPR is the native governance token of Casper Network, an L1 proof-of-stake blockchain targeting institutional and enterprise clients.
What is the current price of CSPR?
As of the latest data, CSPR is trading at around $0.039.
What are the recent developments for Casper?
Casper recently announced a partnership with US-based regulated broker-dealer INX to tokenize and list its equity for trading on secondary markets. The platform also updated its Casper Wallet and integrated with the fiat-to-crypto onramp Topper.
What are the key resistance and support levels for CSPR?
The primary resistance levels for CSPR are $0.046 and $0.053, with the year-to-date high at $0.063. The main support level is around $0.035.
What do technical indicators suggest for CSPR?
Technical indicators show that bulls still have the upper hand for CSPR, with the daily RSI and MACD indicators suggesting growing strength.
What is the overall sentiment for the cryptocurrency market?
Despite recent struggles for major cryptocurrencies like Bitcoin and Ethereum, the overall sentiment in the industry remains bullish.
Where can I trade CSPR?
CSPR can be traded on various cryptocurrency exchanges, including Binance, Coinbase, and Kraken.
The price of Casper (CSPR) has experienced a 2% drop in the past 24 hours, but technical indicators suggest continued strength. Despite recent struggles for major cryptocurrencies, Casper’s overall outlook remains positive. The platform’s partnership with INX and other developments could lead to increased adoption and demand for CSPR. Bulls still have the upper hand, according to technical indicators, with resistance levels at $0.046 and $0.053. The main support level for CSPR is around $0.035.