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The price of Casper Network (CSPR) rose on Friday as a recent breakout above the $0.040 level encouraged bulls.
As top altcoins struggled, CSPR price surged nearly 9% to hit highs of $0.050 across exchanges, with the 30-day gains reaching 48%. The L1 blockchain’s native token could continue higher given the sentiment across the broader market.
Casper Network price outlook
A look at the weekly chart suggests CSPR could be poised for an extended upside flip.
The technical picture has a bullish feel after the macro downtrend resistance at $0.040 flipped into support. A breakout from the next key price zone at $0.043 helped bulls reach the intraday highs near $0.050. With wicks turning into solid candles the daily chart, it could allow bulls to target another breakout in the $0.056 and $0.062 region.
As the market heats up ahead of the much anticipated spot Bitcoin ETF approval, Casper Network could benefit from the overall sentiment for targets March 2022 highs near $0.1. A path to $0.5 and possibly $1 could open in 2024.
Notably, CSPR price reached a bull market peak of $1.33 in May 2021 and that could be a possible target in this cycle.
Casper Network eyeing major growth
Casper could cap a relatively great 2023 with an impressive market performance. That would add to the achievements seen since the launch of the Casper Developer Portal, which serves as the bridge for developers from across the crypto hub seeking to build dApps on the blockchain network.
The DevRewards, paid in CSPR to incentivize community participation through innovative ideas and specific challenges. Successful contributions on topics such as DeFi, NFTs and SDKs receive $100 to $1000 in the native token.
On top of the DevRewards program, there’s also the Casper Accelerate Grant Program. This is a $25 million ecosystem fund targeted for projects and creators.
As Casper heads into 2024, these initiatives are bound to help the overall interoperability and competitiveness of the network. Opening the blockchain to more projects in DeFi, gaming, and NFTs could play a role in strengthening CSPR’s future outlook.
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