Casper Price Soars To $0.04 As Bulls Stay In Check - $0.055 CSPR Incoming?

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Casper price soars leaving no stone unturned in tandem with a generally bullish cryptocurrency market. The layer 1 blockchain has since its inception provided a platform for builders in the decentralized finance (DeFi) sector. Casper stands out for its upgradable smart contracts and predictable gas fees.

CSPR value has in the last 30 days shot up 30% to trade at $0.039 at the time of writing. CoinMarketCap shines a light on a 38% spike in volume to $9.1 million in 24 hours, suggesting that investors are concerned with accumulating CSPR tokens ahead of a forecasted rally to $0.055.

A positive change in trading volume is often interpreted as a bullish signal because it shows interest is growing among investors.

Assessing the Profitability of Casper in the Coming Days

Casper price is trading above all the applied crucial moving averages, starting with the 50-day Exponential Moving Average (EMA) (in red) at $0.0333, the 100-day EMA (in blue) at $0.0328 and lastly the 200-day EMA (in purple) at $0.0371.

The Moving Average Convergence Divergence (MACD) indicator appears ready to reconfirm a buy signal on the daily time frame chart. Traders looking forward to taking new buy orders in Casper price may do so after ascertaining the MACD line in blue is clearly above the signal line in blue.

On the bright side, CSPR is better positioned to keep the uptrend intact since the MACD is already significantly above the mean line. The 200-day EMA provides immediate support on the downside, which means bulls only have resistance at $0.04 to worry about.

For bulls to be on the safe side, they must first push past a thrice tested falling trend line, as illustrated in the chart below. With this hurdle pushed in the rearview mirror, Casper price could easily ignite another rally as investors accumulate CSPR tokens for the long-haul flight to $0.055.

Casper Price Presents Key Golden Cross Pattern

Long bets in Casper price would stay profitable in the coming days, and possibly weeks as long as a golden cross pattern holds on the daily time frame chart. This pattern develops when a short-term moving average flip above a longer-term one. In Casper’s case, we can see the 50-day EMA (in red) crossing above the signal line in red.

Investors could bank on this pattern for a short-term optimistic outlook for Casper price. However, for a longer-term bullish outlook, the 50-day moving average crossing above the 200-day EMA (in purple) tends to seal the deal. Such a pattern could mark the beginning of a bull run in Casper price.

That said, it would be prudent to buy CSPR when the price has cleared resistance at $0.04, as shown in the lower yellow band. From here, investors could push the trend to $0.05, where some may decide to cash out to lock in gains.

However, stubbornly bullish traders may want to wait until Casper price reaches $0.05 or $0.065 before closing their positions. Based on the current technical picture, $0.065 is a conservative target, considering CSPR could close the gap to $0.1 in the coming weeks.

On the other hand, investors should keep in mind the possibility of a pullback from $0.04 if overhead pressure intensifies due to targeted profit booking. Support at $0.035 is in line to absorb the selling pressure, but declines could retest $0.30 before bulls push for the resumption of the uptrend in Casper price.

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