Casper's recent performance indicates the bearish outlookThe Casper crypto is currently in a precarious position, with both bullish and bearish forces attempting to gain the upper hand.
At the beginning of 2024, the Casper price began to decline from a resistance trendline near $0.05500. Despite rallying attempts, the price could not break through this resistance, with the most recent rejection occurring in mid-March 2024.
The price trajectory now suggests that Casper may be on the brink of a significant drop, having already encountered resistance and begun a downward trend. The asset's bearish momentum is evident as it has fallen below the critical 20-day and 50-day Exponential Moving Averages (EMAs), indicating that lower levels may be reached if selling pressure increases.
The technical indicators are also signaling bearishness; the Moving Average Convergence Divergence has made a strong bearish crossover at -0.001149, and the histogram is trending downward at -0.000477. The Relative Strength Index is currently at 43.30, below the neutral 50 mark, and the 14-day Simple Moving Average is at 42.69, both suggesting that the asset's momentum is waning and it may descend further.
Casper's recent performance metrics reinforce the bearish outlook, with a weekly decline of 1.92%, a monthly drop of 0.70%, and a quarterly fall of 17.75%. These figures indicate the start of a consistent downward trend. As of the latest update, there's a minor intraday rise of 0.43%, but the overall price structure remains bearish, with Casper trading at $0.0394. If bearish trends intensify, we could see the price testing the support level at $0.03500, and potentially even the critical support at $0.03000.
Conversely, should the market sentiment shift and buyers regain control, there's potential for Casper's price to ascend towards higher levels of $0.04500 and $0.05000, transforming the current decline into merely a short-term correction.
