Casper Price Prediction: Despite a 40% crash in January, CSPR holders could still see more downside
- Casper price suffer building overhead pressure despite crashing nearly 40% in the month.
- CSPR could extend the fall 10% to $0.03337 with technical indicators bearish all through.
- The bearish thesis would be invalidated if the price makes a decisive close above $0.0550.
Casper (CSPR) price has suffering a terrible first month of 2024, with token holders losing nearly 40% of the token’s market value in a steep run south. The Casper platform is designed to boost the adoption of blockchain technology, smart contracts, and decentralized applications (DApps) on a global scale.
Also Read: Week Ahead: This week’s altcoin narrative and Bitcoin's fourth halving targets
Casper price eyes 10% more losses
Based on the official whitepaper, Casper is optimized to suit both enterprise and developer needs with a mission is to usher in a new era for Web3, as demand for intuitive, interconnected services continues to grow across the board.
Nevertheless, despite such a noble mission, CSPR holders could still suffer an additional 10% losses despite the 40% down shedding exercise that has happened so far in the month. The 10% fall could see CSPR market value slip below the immediate support at $0.0370 before testing the $0.0337 level.
Multiple technical indicators support the downward thesis for Casper price, starting with the nose-diving Moving Average Convergence Divergence (MACD). This indicator is also still moving below its signal line, showing the downside potential remains strong.
The histogram bars of the Awesome Oscillator (AO) are also flashing red, showing the strong presence of the bears in the CSOR market. With both the MACD and the AO still in negative territory, the downside potential for the cryptocurrency remains strong in the daily chart.
Furthermore, the Relative Strength Index (RSI) is also southbound to show momentum is falling. This, coupled with overhead pressure due to the 200-, 100-, and 50-day Simple Moving Averages (SMA), accentuate the bearish thesis.
CSPR/USDT 1-day chart
On the flipside, based on the RSI outlook, soon the CSPR price could be oversold, meaning a correction could follow shortly after. Also, if the bulls decide to buy the dip, the Casper price could push north, first overcoming resistance due to the 200-day SMA at $0.0375. Next would be a confrontation with the 100-day SMA at $0.0400 before countering the $0.0416 barricade.
In a highly bullish case, the Casper price could tag the 50-day SMA at $0.0447, standing 20% above current levels.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
