Casper Network price has been in a slump since hitting its yearly peak in May 2023. Since the, CSPR price has tanked 30.75%. The ongoing weakness in BTC price has further intensified this downtrend. The latest analysis suggests that the coin has at least 15% more downside if it fails to bounce soon.
On Monday, cryptocurrencies tanked as the BTC price fell below the 26,000 level after failing to break above $28k resistance. This resulted in a tumbling CSPR crypto price which closed the day with a 5.19% loss. Other digital assets also showed a very negative price action on the very first trading session of the week.
The biggest headwind for the crypto markets this week was the bearish news that broke out on Monday. The US Securities and Exchange Commission (SEC) has sued the biggest cryptocurrency exchange Binance for breaking securities rules in the United States.
This triggered a massive sell-off in the digital assets, and the Casper price also plummeted to its lowest level since April 2023. Analysts are considering the latest action by the US regulator as a sign of a much bigger crackdown against cryptocurrencies.
For the first time in the last two months, CSPR price has made a lower day on the daily chart. This confirms the breakdown of the bullish market structure. Now the coin must break above $0.00002870 to regain the bullish outlook. However, the bullish divergence on the 4H RSI is signaling a relief bounce soon.
As long as Casper price remains below the $0.00002870 level, my outlook will remain bearish. However, due to the weekly uptrend, I expect the coin to rally once it closes a daily candle above this resistance. If it fails to do so, then I expect a retest of the March 2023 lows which lies just below the $0.00002000 level.
I’ll keep sharing my personal trades and Casper price prediction in my free Telegram group, which you’re welcome to join.
This post was last modified on Jun 06, 2023, 11:53 BST 11:53