Casper crypto skyrockets: Analyzing the 90% surge in 24 hours

• CSPR is one of the highest gainers in the last 24 hours.
• It is seeing its highest volume in months.

Casper crypto [CSPR] has caught the crypto community’s attention with its dramatic 90% price surge in the past 24 hours, propelling its market capitalization to over $422 million—a staggering 653% increase.

The sudden spike in price and trading volumes, which have increased sixfold, underscores a renewed interest in this token. 

Casper crypto: From consolidation to explosive spike

Over the past week, Casper crypto showed signs of consolidation around the $0.007 level, with muted trading volumes. However, the narrative shifted dramatically in the last 24 hours as the price surged to $0.0272 before correcting slightly to $0.0201 at press time. 

The daily chart reveals that CSPR has broken above its 50-day moving average at $0.0103 and its 200-day moving average at $0.0174, signaling a potential bullish trend reversal.

Source: TradingView

Technical indicators like the MACD are in bullish territory, with the MACD line comfortably above the signal line, suggesting continued upward momentum.

Currently, at 75, the RSI indicates overbought conditions, implying that a short-term pullback could be on the cards. Despite this, the breakout above critical resistance levels hints at further upside potential if volumes remain strong.

Casper crypto’s trading volumes and social dominance spike

Casper’s trading volumes have surged sixfold in the past 24 hours, reflecting heightened market activity.

Analysis showed that after months of single-digit volume trend, it surged to over $240 million in the last trading session. As of this writing, it is over $400 million. 

Source: Santiment

Also, according to Santiment, its social dominance has peaked at 0.313%, marking a significant increase in community engagement. This correlation between price movement and social buzz suggests that retail and institutional investors are interested in Casper’s rally.

Market capitalization and long-term outlook

Casper’s market capitalization, per CoinMarketCap, now stands at about $2522 million, up from about $100 million a week ago. This massive jump has positioned the token among the top gainers in the market.

While the current rally is impressive, sustaining these levels will depend on broader market conditions and continued investor confidence.

Realistic or not, here’s CSPR market cap in BTC’s terms

While its overbought RSI and rapid gains suggest a cooling-off period might be imminent, the token’s breakout from critical levels and growing social engagement paint a bullish picture.

Also, as of this writing, the cause of the spike is yet to be known.