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- Casper (CSPR) coin is currently moving in a sideways trend.
- Indicators do not deliver any buy signal for coin at the present time.
- A double bottom pattern formation can be considered as a base for a significant increase in prices ahead.
The technical analysts might have noticed the formation of a double bottom pattern on daily chart. A double bottom pattern breakout usually displays a bull move. Casper coin once even tried to give a breakout of the pattern but was not successful and as a result, coin went into a consolidation zone.
Will coin give a breakout of double bottom pattern?
On daily chart, it is visible that coin is consolidating within a zone. The coin may now show a bull move and a breakout of double bottom pattern only once coin price exits the zone on upside. There are other possibilities too that the coin may exit zone on downside, then in such a case, a bear move may be seen instead of a bull move. Moreover, investors may also see a Golden Crossover ahead on chart once the coin price increases. Apart from this, the levels at which coin is currently trading is one of the coin’s key resistances. Therefore, if the price breaks this resistance too , it may also be considered as yet another positive signal for the coin’s bull run ahead.
MACD indicator displays that it is on the verge of giving a bullish crossover. The bullish crossover implies that bulls have taken control over bears and that the bulls may now increase the price of coin. On other hand, the RSI curve is trading at 53.13, which is over its 50-point level. RSI curve’s value may be seen rising once the price of coin rises more.
Overall, MACD and RSI indicators may soon generate a buy signal for the token.
What’s next for coin after the current consolidation zone?
On short-term chart, investors can see that a double bottom pattern breakout has occurred previously too and now once again coin is preparing for a similar breakout. Moreover, a Golden Crossover has also occurred on short-term chart which has raised the prices of coin to current levels from the support levels.
Conclusion
Investors must have come to the conclusion that the Casper coin may show a bull run after a breakout of current consolidation zone. Moreover, they also anticipates a Golden Crossover to take place on daily chart once the price of CSPR coin increases.
Technical Levels
Resistance levels – $0.04203 and $0.04813
Support levels – $0.03407 and $0.02638