CSPR, the native governance token of Casper Network, has seen some mixed performance over the past 24 hours and week. According to CoinGecko, the token is down 2% in the past 24 hours, up 1.5% in the past week and has seen 30 day gains of 3.2% as of July 29 at 11 am ET, trading near $0.039.
However, the technical picture signals continued strength despite the dip. Casper is an L1 proof-of-stake blockchain based on Correct-By-Construction (CBC) consensus specification and targeted for institutional and enterprise clients.
From a broader crypto market perspective, Casper’s price performance over the month aligns with recent struggles for mega caps. Bitcoin has found it difficult to break above $30k, while Ethereum’s attempts to reclaim $1,900 have been rejected multiple times. Even XRP, which outperformed the top altcoins by a big margin after Ripple’s win against the US Securities and Exchange Commission (SEC), has pared more than half its gains.
Casper’s recent activities have been encouraging and should boost its price. The blockchain platform recently announced a partnership with US-based regulated broker-dealer INX. The collaboration will see Casper Labs’ equity tokenized and listed for trading on secondary markets, with launch expected in September 2023. There have also been updates to the Casper Wallet and integration with fiat-to-crypto onramp Topper.
The technical outlook for CSPR suggests bulls still have the upper hand. Buyers are likely to seize control if prices break above the resistance area marked by the trendline. The daily RSI is supportive of this as it holds the trajectory seen following the CSPR/USD breakout on July 21. The MACD indicator is also highlighting growing strength.
If price holds above the 50-day EMA, it could continue towards $0.046 and the primary hurdle at $0.053. Above this is the year-to-date highs of $0.063 reached in April. On the downside, the main support level lies around $0.035.
