Casper Network price has made a strong bullish trend in the past few days as investors buy the coins dip. CSPR rose to a high of $0.0382, the highest level since August of this year. It has surged by almost 60% from its lowest level this year.
Why is CSPR soaring?
Casper Network is a layer-1 blockchain project that was launched by Casper Labs, a company that raised over $14 million in 2021. It is an Ethereum and Hedera Hashgraph rival that seeks to become the best platform for developers to build their decentralized applications (dApps).
Casper price has risen as investors anticipate more growth among large corporate companies. It is already used by companies like IBM to build their blockchain projects. In addition, Casper was used by IPwe and helped them to gain 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 projects in Casper are Swappery, CasperPad, SkyBridge, and Uphold among others.
According to Casper Network’s CEO Mrinal Manohar, the network has more advanced features than existing blockchains to serve enterprise customers. He said that it believes that the network is highly adaptable and that its smart contracts are not immutable.In a statement at Coinbase’s IDEA event, he added that:
“I realized that neither on the structure side nor the product side was a blockchain company or protocol that was really taking care of the needs of enterprise. And that’s what led me to found Casper Labs.”
Still, Casper faces significant challenges competing with other networks that are aimed for 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 the CSPR price has been in a strong bullish trend in 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 has formed what looks like a cup and handle pattern. Therefore, there is a likelihood that the coin will have a bullish breakout in the near term. If this happens, the next key level to watch will be at $0.045. A drop below the support at $0.032 will invalidate the bullish view.