CSPR’s price has exploded in recent days and is currently up 8% in the past 24 hours to trade at $0.03924. What’s driving this upward trend and will Casper’s price continue to rise – or is this just a temporary surge?
The positive sentiment in the overall cryptocurrency market, along with bets on the Fed easing rate hikes in early 2023, are cited as potential factors driving the rally.
Additionally, recent milestones reached by the Casper Network, such as over 100,000 individual CSPR holders and 100 network validators, could also be contributing to the upward trend.
Casper Network is also currently facilitating the Blockchain Hub conference at Davos with Binance, with Medha Parlikar, CTO and Co-Founder of Casper Labs, appearing alongside Binance CEO Changpeng Zhao. This high profile event is expected to raise the visibility of Casper, which could also be contributing to the price spike.
Finally, the Casper Network also has plans to expand its partnerships with IBM and Hyperledger, recently hinted at a forthcoming partnership announcement with a Fortune 100 company, and mentioned an upgrade to Casper 2.0 will be coming in Q3 of this year – further positive news for Casper’s price.
Casper (CSPR) Price Prediction and Technical Analysis
The 20-day EMA is at $0.0320, the 50-day EMA is at $0.0307, the 100-day EMA is at $0.0315, and the 200-day EMA is currently at $0.0366. With CSPR’s price currently trading at $0.03928, it has retaken the major EMAs, which indicates that the short to long-term bias for this coin is bullish.
The RSI is at 79.13, indicating that the coin is currently in overbought territory. After its initial run-up, CSPR’s RSI bounced off the significant level of 70 after retracing from January 15 to 16. With the RSI currently at an oversold level and printing a long intra-day wick, a retracement may yet be due for the crypto before moving further to the upside.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator shows a histogram of 0.001011 and a MACD line of 0.002111, both above the signal line of 0.001100 indicating a bullish trend for the Casper price.
Looking at the volume, Casper is currently trading at 143.58k, with a volume moving average of 190.269k. This suggests that the coin has been seeing a steady increase in trading volume in recent days, which also indicates a bullish outlook in the coming days.
In terms of support and resistance, the immediate support for the coin is at the 200-day EMA at $0.0366, with a resistance range of $0.037208 to $0.038085.
The immediate resistance lies between $0.041197 and $0.041870, while the next resistance range is between $0.048353 and the psychological resistance for Casper’s price at $0.050000.
Blockchain Adoption Set to Soar in 2023: Casper Labs Report
Casper has also continued to build its authority in the crypto space, with a January 11 report from the company suggesting blockchain adoption is set to soar in 2023. The report found that businesses are planning to adopt blockchain technology at increasing rates in the coming year, despite persistent knowledge gaps.
The State of Enterprise Blockchain Adoption in 2023 report surveyed 603 global business decision makers across the US, UK, and China and found that the blockchain knowledge gap persists across both business leaders and developers, with over half of respondents still seeing “blockchain” and “crypto” as interchangeable terms.
Despite the challenges, the report found that there is strong interest in adopting blockchain technology, with 87% of businesses likely to invest in a blockchain solution in the next 12 months and 81% expecting technology budgets to increase in 2023.