Casper Network price has staged a strong recovery in the past few days as the developers tweaked its circulating supply statistics. CSPR price surged to a high of $0.0325, which was the highest level since August 25. It has jumped by more than 25% from its lowest level this year, giving it a market cap of more than $330 million.
What is Cassper Network?
Casper Network is a small but well-funded layer-1 network that helps developers create quality applications in various industries. It is an Ethereum rival that has been used to build applications in industries like centralized and decentralized finance, decentralized autonomous organizations, gaming and NFTs, and other tools.
Some of the top applications in the network are SkyBridge, CasperPad, FriendlyMarket, and The Swappery among others. It has also been used to build CasperStats and Dot Oracle among others. It is a proof-of-stake platform, meaning that it has staking capabilities. Of the 10 million coins in circulation, 8 million of them have been staked.
Casper Network price did well as investors focused on the new changes to circulating supply stats. The new methodology will involve all tokens that have been unlocked and transferable. This is different from what happened previously when a token was counted to be in circulation once it had been transferred from its genesis wallet.
Casper price has also done well in line with other cryptocurrencies. For example, coins like Chainlink, Bitcoin, and Ethereum have all risen recently. For Bitcoin, its hash rate has jumped to the highest level of all time.
Still, the challenge for Casper Network is that competition in the layer 1 industry is rising. Some of the top contenders in the sector are Ethereum, Solana, Cardano, and Polkadot.
Casper Network price prediction
The four-hour chart shows that the CSPR price has been in a consolidation phase recently. It managed to move above the important resistance level at $0.030, which was the upper side of the ascending triangle pattern. In price action analysis, this pattern is usually a bullish sign. The price has moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point.
Therefore, the outlook for the coin is still bullish. But for this to happen, it will need to retest the support at $0.030, and then it will resume the upward trend. A drop below the support at $0.025 will invalidate the bullish view.
