CSPR outlook after massive April?

• Casper Network price rose over 60% in April, hitting a high of $0.060.
• CSPR traded at around $0.059 at the time of writing, about 6% up in the past 24 hours.
• While CSPR price is above key support level, here’s the price outlook for Casper Network going into May.

Casper Network price rose more than 60% in April as the value of the native CSPR rallied to above $0.060. The cryptocurrency’s price currently sits around $0.059, up 6% in the past 24 hours and nearly 16% higher in the past seven days.

However, while the Casper token is one of the standout performers of the last month, it remains off its peak of $1.33 by some huge distance. According to data from CoinGecko, CSPR reached its all-time low of $0.022 in June 2022, meaning traders who took positions at these levels are 164% up on their investment.

CSPR at current levels is -95% from the all-time high reached in May 2021.

What is Casper Network (CSPR)?

Casper Network, a layer 1 blockchain network targeted for enterprise adoption of the blockchain technology. CSPR is the governance token of the Casper blockchain, whose mainnet launched in 2021.

As a native token, CSPR has multiple roles in the Casper ecosystem, including network fees, staking rewards and payments as a medium of exchange.

The Casper Network has seen multiple projects built on top of its proof-of-stake blockchain. One of the projects on the smart contracts platform is layer 2 protocol Metis that migrated from Ethereum to Casper. Metis looks to boost development of Decentralized Autonomous Companies (DACs).

Another project is patent encryption platform IPwe, which targets the creation of a decentralised database system for patent management and licensing. There’s also ACDX, a digital assets exchange for structured products and derivatives trading.

Casper price prediction: What next for CSPR?

Above the $0.10 level, significant resistance will be around $0.13, with a bullish Casper price prediction of $0.20 in May.

On the downside, CSPR’s outperformance over the past month could see traders eye profit taking deals. Such a scenario will definitely dent the bullish momentum and result in downward action, with a potential slump to $0.025.