June 12, 2024

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

2 min read
Casper Network (CSPR) Retraces To Key Support alt=
  • CSPR’s price struggles to hold above key support as the price needs to hold above $0.041 to maintain its bullish run. 
  • CSPR continues to struggle as a hidden bearish divergence appears in the four-hourly timeframe suggesting a change in trend could be imminent. 
  • The price of CSPR continues to look bullish as price trades above the 50 Exponential Moving Average (EMA) on the daily timeframe. 

Casper Network (CSPR) has gained traction in recent weeks, with the price rallying from its weekly low to a high of $0.055, where it met rejection in an attempt to trend higher. Despite the uncertainty that has befallen the crypto market in recent weeks, as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, the price of Casper Network (CSPR) has shown strength, producing green moments for traders who have invested in this asset. (Data from OKX)

Casper Network (CSPR) Price Analysis On The Weekly Chart.

The bear market has been good and favorable for some projects, considering they came into the market at the thick of the event. This has affected their price negatively compared to other crypto assets that enjoyed a rally creating a series of 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 of CSPR faced rejection as the price declined to its cycle low of $0.02, but the price found more buy orders as this looked like a demand zone for CSPR as it rallied from its all-time low of $0.02 to a high of $0.055.

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

In the daily timeframe, the price of CSPR continued to look bullish as the price was rejected as the price tried to rally past $0.055. The price of CSPR lost its support of $0.046, which corresponds to the 200 EMA, as the price could be headed to its key support at $0.041. 

The price of CSPR needs to hold its price above $0.041, acting as support for the price; if the price of CSPR fails to hold this support, we could see the price going lower.

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