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Casper (CSPR) Rallies For 14% In Last 24 Hours, Here’s Main Reason Why

16 Oct, 20222 min readOther
Casper (CSPR) Rallies For 14% In Last 24 Hours, Here’s Main Reason Why

The live proof-of-stake blockchain built off the Casper CBC specification has been showing impressive results in terms of market performance as its underlying token CSPR reaches the first place on the market in terms of profitability among the 100 biggest digital assets in the crypto industry.

How does CSPR work?

Casper is constantly developed in accordance with the evolving needs of its users. The blockchain is becoming maximally accessible to developers of all backgrounds. Casper is optimized to suit enterprise and developer needs.

The network has been actively evolving during the active development of the Web3 industry, as the demand for intuitive and interconnected services is slowly rising. According to developers' statements, Casper is solving the adoption trilemma: security, scalability and decentralization within one blockchain protocol.

Casper market performance

In the last 45 days, Casper has been showing a strong performance on the market despite the unpleasant conditions of the whole digital asset industry and the performance of high-risk assets like stocks and cryptocurrencies.

According to technical analysis, Casper is moving in a sharp uptrend for the past 45 days and will most likely face a technical correction due to disbalance between bulls and bears.

The asset has become overbought in the last few weeks according to the Relative Strength Index, which is why a reversal would be the logical continuation of the trend. Unfortunately, an almost 43% rally is not enough for the asset to reach pre-ATH values.

In the long term, CSPR is moving in a downtrend under the 200-day moving average. A short-term reversal could become the foundation for a proper trend change if it successfully breaks through the local moving average and exceeds $0.042.

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