NewsletterCore Price Rally Challenges Key Resistance For 52% Upside Potential
Highlights
- The CORE price witnessed a wide correction to 78.6% FIB level indicating weakness in buyers' conviction.
- The coin price trading above 100-and-200-day EMA indicates the long-term trend remains bullish.
- The intraday trading volume in Core coin is $575 Million, indicating a 34% gain.
CORE Price: The first half of April has been a roller coaster ride for Core coin witnessing a spread from $4.36 high to $1.15. This 73.5% downswing was initiated as a post-rally correction but the selling pressure accelerated due to geopolitical tension between Iran and Israel and bitcoin’s pre-halving correction. However, an immediate reversal from the combined support of 78.6% Fibonacci retracement level and $1.15 low sparks a recovery sentiment among market participants.
Also Read: 6 Top Crypto To Buy As Bitcoin Plummets 10% In A Week
Can Core Coin Regain Its Value Above $3?
Core is a blockchain platform that leverages the security and robustness of Bitcoin while being compatible with Ethereum Virtual Machine (EVM). It uniquely combines delegated Proof-of-Work (PoW) and delegated Proof-of-Stake (PoS) consensus mechanisms.
This design aims to optimize network performance, reduce the risk of centralization, and enhance transaction speeds, making Core a versatile and secure foundation for developing and deploying decentralized applications.
The last correction trend in CORE price rebounded from 78.6% FIB level at $1.15. The bullish turnaround propelled the coin price by 146% and challenged the resistance at $2.9. The CORE price is struggling to break past this barrier as the broader prolongs its current correction trend.
With a significant intraday decline of 19%, altcoin’s trading price has dropped to $2.19. Despite this downturn, the CORE coin maintains a market cap of $1.94 billion, securing its place among the top 50 cryptocurrencies.
For buyers to gain better control over this asset, they must break the overhead resistance of $2.9. With this breakout, the CORE coin would reclaim 50% of the value lost in the last correction favoring the potential further growth.
The post-breakout rally could push the asset another 52% to hit a $4.38 high.
Also Read: Bitcoin Halving Can Cost Crypto Miners $10 Billion In Losses
Technical Indicator
- Exponential Moving Average: The fast-moving 20-day EMA increases the support strength for the CORE coin price at $2.
- Relative Strength Index: The daily RSI above 53% reflects a neutral to bullish market sentiment.
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