CandleFocus CSPR breaks out of multi-month downtrend after 100% rally
2024-11-18
Author: Content Editor
The native token of blockchain platform Casper Network, CSPR, experienced a surge of over 100% on Monday due to increased demand from futures investors and traders. This comes as Bitcoin reached an all-time high and the overall market experienced bullish momentum. CSPR had previously suffered a significant decline in value but started showing signs of a potential reversal on November 16. Futures open interest in CSPR saw a significant increase, indicating growing demand from traders. The weighted funding rate also shifted into positive territory, suggesting that traders are taking long positions and expecting further price gains. CSPR's daily trading volume also saw a substantial jump. However, technical indicators suggest that CSPR could trade sideways before continuing its rally. The next resistance level for CSPR is seen at $0.05 if it successfully flips the $0.025 resistance into support.
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