Casper price has pulled back recently as investors focused on the upcoming network upgrade. The CSPR coin retreated to a low of $0.037, which was about 31% below the highest level this year. Its market cap has pulled back to about $418 million. So, what next for Casper Network?
Casper Network upgrade
Casper is a fast-growing blockchain project that seeks to become a leading competitor to Ethereum, Solana, and BNB Smart Chain. It has superior speeds and lower transaction costs than most platforms. Some of the top apps in its ecosystem are CasperPunks, IPwe, MetaCask, and DMusic among others. Analysts expect that its ecosystem will keep growing.
Recently, the developers have announced new tools to improve their performance. In October, the developers continued working on its v1.5 upgrade.
Casper Network is working on the next key upgrade. In a statement, the developers said that Casper 2.0 will accelerate new features like reducing block time, increasing throughput, and stabilizing gas fees. At the same time, it will deliver a simplified UX with Contracts that pay for Themselves, and cleaner code, which will simplify future maintenance. The new consensus protocol will be known as Zug.
Casper price forecast
The four-hour chart shows that the CSPR price has been in a strong bullish trend in the past few months. It managed to surge from a low of $0.0249 in September to a high of $0.054 in October. Most recently, the coin has been in a downward trend after it formed what looks like a double-top pattern.
The current price is at the neckline of the double-top pattern. It has also moved slightly below the 25-day and 50-day moving averages. The coin has dropped to the 50% Fibonacci Retracement level while the Relative Strength Index (RSI) has moved below the neutral point of 50.
Therefore, the Casper price will likely continue falling as sellers target the key level at $0.035. A move above the key resistance at $0.042 will invalidate the bearish view.