Casper Network Price Rally Shows No Signs Of Slowing Down – Is CSPR Ready For $0.05?
Casper Network price rally is unstoppable as it extends into the third week. With over 40% gains accruing in 30 days, CSPR dodders at $0.038 at the time of writing. A break above the immediate resistance at $0.04 is required to pave the way for the next recovery phase eying $0.05 and $0.055 levels, respectively.
What’s Driving Casper Network Price Explosive Rally?
Casper Network price blasted 15% higher after the team announced a new initial farm offering (IFO) for Health Hero, a new health-to-earn platform. According to a blog post accompanying the announcement, “Health Hero is an Animoca & Polygon-backed (and many others) web3 health infrastructure platform that supports companies & communities around the world.”
(2) GAMEFI.ORG on Twitter: “💪💪@GoHealthHero – Healthcare App for You on IFO! Again, what it has to do with https://t.co/IYrBuYITfq? Unexpectedly BIG BIG BIG total rewards 😉 🔔🔔Details about Health Hero’s IFO pools will be announced soon! 👉 FULL ARTICLE: https://t.co/ODLtUGIlbZ $GAFI https://t.co/jQsXCZLyWk” / Twitter
Health Hero has launched a brand-new developer and game portal to offer access to the most advanced web3 ecosystem. In this ecosystem, developers are given all the necessary materials and assistance they need to build cutting-edge digital health experiences and interesting web3 health games.
“Health Hero’s $50M fundraising is on its way to incubate and advance other digital health and health game startups developing web3 health games and digital health experiences on our platform,” the blog post reads in part.
IFO is a platform powered by GameFi.org and Icetea Labs which aims to strengthen web3 projects while embracing support from community members.
Casper Network Price Eyes $0.05
The slightly over two-week recovery stint in Casper Network price has taken a breather at $0.04 with CSPR teetering at $0.038 during the early hours of the European session on Wednesday.
On the downside, support has been provided by the 200-day Exponential Moving Average (EMA) (in purple) at $0.03732. With a little push, Casper Network price could quickly jump above the seller congestion at $0.04 near the upper boundary of a falling trend channel, as shown below.
A break and hold above the trend channel could be the confirmation investors need to throw more of their weight behind Casper Network price. From here, traders would be looking forward to possible profit targets at $0.05 and $0.055, respectively. However, the bullish outlook for CSPR price might expand the scope to $0.1 in the coming weeks, perhaps in a few months.
Notice the Moving Average Convergence Divergence (MACD) indicator rising above the mean line, with the buy signal flashed at the New Year still holding strong. Casper Network price will keep trending higher as long as the MACD holds in the upside direction and the histograms stay green as they are at the moment.
Another bullish cue for investors would be the 50-day EMA (in red) crossing above the 100-day EMA (in blue). As a shorter-term moving average lifts above a longer-term MA, the odds often increase in favor of a positive northbound outcome.
Casper Network Price Grinds Closer to A Rectangle Breakout
The one-week time frame chart upholds the bullish outlook for Casper Network price, with two potentially massive breakouts. A break is expected above the falling trend channel, which would mark the beginning of a sustainable recovery.
This first breakout would build momentum for the second bullish move, possibly above the gray rectangle pattern illustrated on the chart. Although this pattern has no bullish or bearish biases, price action above the rectangle would pave the way for a 48% move to 0.0732 – the opposite is also true with CSPR dropping by 48% below the pattern in case support at $0.025 shatters.
A bullish outcome is the most probable one as of now, bolstered by a buy signal from the MACD. Investors would continue betting on long positions in Casper Network price with the MACD moving north toward the mean line and conceivably into the positive region above 0.00.
Alternative Altcoins to Consider for Quicker Returns
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