The price of Casper Network has made a strong bullish trend in the past few days as investors bought the coins decline. CSPR rose to a high of $0.0382, the highest level since August of this year. It is up nearly 60% from its lowest level this year.
Why does CSPR increase?
Casper Network is a layer-1 blockchain project launched by Casper Labs, a company that raised over $14 million in 2021. It is an Ethereum and Hedera Hashgraph rival that aims to be the best platform for developers to build their decentralized applications (dApps).
Casper’s price rose as investors expected more growth in large corporate companies. It is already being used by companies like IBM to develop their blockchain projects. In addition, Casper was used by IPwe and helped them acquire more than 300 large customers in less than 4 months.
It also has a small but growing market share in the NFT industry. Some of the top Casper projects are Swappery, CasperPad, SkyBridge, and Uphold among others.
According to Casper Network CEO Mrinal Manohar, the network has more advanced features than existing blockchains to serve enterprise customers. He said he believes the network is highly adaptable and its smart contracts are immutable. In a statement at Coinbase’s IDEA event, he added that:
“I realized that neither on the structure side nor on the product side is a blockchain company or protocol that really takes care of business needs. And that’s what led me to found Casper Labs.”
However, Casper faces significant challenges competing with other networks aimed at enterprise companies. Its biggest competitor is probably Hedera Hashgraph, which is used by the likes of ServiceNow and Google.
Casper Network price prediction
The daily chart shows that CSPR price has been in a strong bullish trend for the past few days. It is now in consolidation mode recently. The coin has moved above the 25-day moving average while the Relative Strength Index (RSI) and the Stochastic Oscillators are also moving sideways.
Casper Network developed a cup-and-handle-like pattern. Therefore, there is a possibility that the coin will have a bullish breakout in the near term. If this happens, the next key level to watch is at $0.045. A break below support at $0.032 will invalidate the bullish view.
