Casper Network (CSPR) Retraces To Key Support $0.041, Are Bulls Still In Control?
October 19 2022 - 4:00PM
NEWSBTC
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) Related Reading: Laura Shin Asks Terra’s Do
Kwon The Tough Questions. What Did We Learn? 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. Related Reading: Bitcoin Price Stuck In Key
Range, Why The Bulls Are Comfortable Featured Image From
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