What’s Next For CORE Price After 500% Surge Within Fortnight?

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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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.