What’s Next For CORE Price After 500% Surge Within Fortnight?
Highlights
- The high momentum rally in CORE may witness overhead supply at $3.75.
- The overbought signal from the momentum indicator hints the asset is likely to witness minor pullbacks.
- The intraday trading volume in Core coin is $635 Million, indicating a 155% gain.
CORE Price: Despite entering the month of Bitcoin halving, the broader crypto market continues to move sluggishly reflecting an uncertain sentiment among traders. For over a week, the leading digital assets like Bitcoin and Ethereum have moved in narrow consolidation also affecting the majority of major cryptocurrencies.
However, the CORE price has been riding a high momentum rally which recently hit a 52-week high of $3.68 with an intraday gain of $36.3. Will this breakout lead to higher recovery?
Also Read: Tether Advances In Bitcoin Accumulation Race With $627M BTC Added
Is Core Price Rally Sustainable?
The Core coin entered an aggressive recovery in March’s fourth week as the price reverted from $0.534 support. Within a fortnight, the asset rallied 547% to trade at $3.5. With a market cap of $3.08 Billion, the CORE price entered the list of the top 50 largest cryptocurrencies.
The recent surge in CORE’s price can be largely attributed to Core DAO’s launch of coreBTC. This move enables the trustless bridging of Bitcoin to the Core Chain, enriching the DeFi experience with Bitcoin’s security features. Moreover, coreBTC has been meticulously designed with two primary goals: to maintain the trustlessness and security synonymous with Bitcoin and to position Bitcoin as the central asset of DeFi’s future.
Moreover, an analysis of a higher time frame shows the altcoin developing a bullish reversal pattern called rounding bottom. The chart pattern indicates that the asset’s downtrend reached maturity, suggesting the emergence of a potential uptrend.
Moreover, the CORE breached $3.5 resistance today with a high-volume candle, providing buyers with the next stepping stone to continue the bullish rally. The post-breakout rally will drive the current recovery to $3.74, followed by $4.6.
However, such a high-momentum rally is less likely to continue with less support from some external news. Thus, the newcomers may wait for a minor pullback to get a better entry opportunity.
Also Read: Bitcoin Bulls Ignite as Coinbase Records Second Largest Weekly Outflow
Technical Indicator
- Exponential Moving Average: The crucial EMAs(20, 50, 100, and 200) reflect an unnatural momentum that is unlikely to be sustained for long.
- Average Directional Index: The daily ADX value at 50% indicates an overextended rally that may need minor correction to sustain long-term growth.
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