Newton Gitonga
Core surged suddenly over the weekend, soaring from $0.39 on March 29 to $0.53 on March 30.
The uptrend propelled CORE beyond the crucial resistance at $0.4775, catalyzing speculations about the alt’s upcoming trajectory.
Further, Core’s performance attracted attention as history seems to repeat itself.
Core Games highlighted a historical pattern that saw altcoin skyrocket in early April 2024.
CORE gained approximately 950% from $0.4 to $4.2.
Exactly a year ago $CORE pump from under $0.40 to $4.20 during beginning of April.
The same graph and volume showing the history likely repeating itself again.
@Coredao_Org are we recreating it again?
Meanwhile, there’s a resemblance between CORE’s prevailing market activity and the previous year’s pre-surge conditions.
The chart displays key signals, such as price consolidation and trading volume, that triggered the 2024 explosive surge.
Repeating the performance would mean massive gains from CORE’s current price of $0.4922.
The 120% increase in Open Interest within the last 24 hours (Coinalyze data) demonstrates heightened investor and trader optimism.
Enthusiasts will likely watch CORE for potential breakouts in the near term.
A parabolic rally could be on the horizon if the April 2024 performance replays.
CORE’s current price action
The alt trades at $0.4922 after gaining 6% within the past seven days.
CORE displayed resilience despite broad market uncertainty.
While it signals imminent rallies, similar to early April 2024, it’s unclear whether Core will sustain the current rally.
Massive rallies during a weekend usually indicate a liquidity hunt.
Moreover, the 1-day chart highlights considerable bearishness that could hinder closing beyond the resistance at $0.4775.
The levels provided support in February this year and in February 2024, confirming its importance.
The 4H timeframe demonstrates CORE’s short-term struggles with a solid rejection at the $0.52 bearish order block.
Thus, Core will unlikely sustain above $0.4775.
The alt’s rally demands more caution than FOMO.
Meanwhile, the liquidation heatmap confirmed $0.5 as a magnetic level within the previous month.
CORE swept this liquidity pocket with its latest upswing, forming a massive magnetic region (comprised of short liquidations) at $0.52.
Therefore, CORE might experience increased volatility in the upcoming sessions, with a $0.52 – 0.53 test offering at a short-selling opportunity.
Further, broad market trends will influence CORE’s short-term performance.
Despite the weekend pump, the altcoin lost over 4% in the past 24 hours.
Bitcoin plunged below $82,000 as bearish sentiment persisted.
Crypto market overview
Digital tokens traded in the red on Monday, and Bitcoin’s looming death cross signals more pain.
The bellwether crypto demonstrates bearish momentum, with the 200-day and 50-day EMAs only 3% away from forming a deadly pattern.
BTC could experience intense sell-offs if the 50EMA dips beneath the 200EMA.
Bulls should defend $80,000 to prevent potential declines to $74,000.
CORE will hardly sustain near-term gains with the current broad market weakness.
Meanwhile, the alt’s reaction around the decisive $0.4775 mark will shape its trajectory in the coming sessions.
The post Core tests key resistance after 6% surge: CORE price target if April history repeats appeared first on Invezz
