The CSPR daily chart shows that the price broke out of a long-term descending wedge pattern in mid-November, signaling a potential reversal in its bearish trend.
The breakout was accompanied by a notable increase in trading volume, underscoring renewed market interest and bullish momentum.
The price has since been retraced, and support levels from the breakout region have been tested.
CSPRUSD in an ascending channel | Credit: Nikola Lazic/TradingView
It rose to a high of $0.0027, fell to $0.013, and formed an ascending channel. On Dec. 10, a higher low of $0.016 was seen, from which a 19% recovery followed.
The Relative Strength Index (RSI) remains neutral, indicating room for recovery or further consolidation.
This suggests that the recent pullback may serve as a retest of the breakout before a potential continuation higher.
Key Observations
Descending Wedge Breakout: Casper exited a prolonged bearish structure with strong volume support.
Ascending channel formed: The price is in consolidation after its initial runup
RSI Neutral: RSI suggests balanced momentum, supporting consolidation or a breakout.
CSPR Price Prediction
Casper (CSPR) is undergoing a correction following the completion of wave (iii), with a peak near $0.027.
The price is forming a descending ABC corrective structure within wave (iv), testing the 0.382 Fibonacci retracement level at $0.0191 as immediate support. Additionally, the RSI indicates neutral momentum, suggesting potential stabilization.
CSPRUSD next uptrend could have started | Credit: Nikola Lazic/TradingView
The next significant support lies at $0.0166 (0.5 Fib), which coincides with historical consolidation. Also, resistance is aligned with the 0.236 Fibonacci retracement level at $0.0244, marking the wave (b) high.
A breakout above this resistance could trigger a continuation toward the wave (iii) peak at $0.027.
Conversely, should the support at $0.0191 break, the price may descend toward the $0.0140 level (0.618 Fib). Holding above current support could enable a wave (v) breakout, targeting the $0.0318 level and higher Fibonacci extensions.
Key Levels to Watch
Support Levels:
$0.0191 (0.382 Fibonacci): Immediate support within wave (iv).
$0.0166 (0.5 Fibonacci): Critical secondary support zone.
$0.0140 (0.618 Fibonacci): Deep retracement support.
Resistance Levels:
$0.0244 (0.236 Fibonacci): Immediate resistance at the wave (b) high.
$0.0270: Previous peak and key breakout level.
$0.0318: Target for potential wave (v) breakout.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
