CORE DAO Price Soared 250%; What's Going On?

Business

Core Price Rally Challenges Key Resistance For 52% Upside Potential – Crypto News

Published

1 year ago

April 16, 2024

Dripp

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?

OKX:COREUSDT Chart — Core Price| Tradingview

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.