• A strong rally in CORE could see the indirect supply reach $3.75.

  • The overbought signal on the momentum indicator suggests the asset may be due for a minor pullback.

  • Core coin's intraday trading volume was $635 million, an increase of 155%.

Core Price: Despite entering the month of Bitcoin halving, the broader cryptocurrency market remains slow, reflecting the uncertain sentiment among traders. For more than a week, leading digital assets such as Bitcoin and Ethereum have been consolidating in a narrow range, which has also affected most major cryptocurrencies.

However, CORE prices have been on a strong upward trajectory, recently hitting a 52-week high of $3.68, with intraday gains of $36.3. Will this breakout lead to a higher recovery?

Are core price increases sustainable?

The Core coin entered a sharp recovery in the fourth week of March as the price recovered from the $0.534 support level. In two weeks, the asset has risen 547% and is trading at $3.5. CORE Price enters the top 50 cryptocurrencies with a market capitalization of $3.08 billion.

The recent surge in CORE prices can largely be attributed to the launch of coreBTC by Core DAO. This move enables a trustless bridge between Bitcoin and the core chain, enriching the DeFi experience through Bitcoin’s security features. Additionally, coreBTC has been carefully designed with two main goals: keeping Bitcoin trustless and secure, and positioning Bitcoin as the core asset for the future of DeFi.

Furthermore, analysis on longer time frames shows that the altcoin is forming a bullish reversal pattern known as a rounding bottom. This chart pattern indicates that the downtrend in the asset has reached maturity, suggesting that a potential uptrend is already in place.

Additionally, the core index broke above $3.5 resistance today with a high-volume candle, providing buyers with the next stepping stone to continue the bullish rally. A post-breakout bounce would push the current rally to $3.74, followed by $4.6.

However, with less support from some outside news, this high-momentum rally is unlikely to last. Therefore, newcomers may wait for a minor pullback to get a better entry opportunity.​

Also Read: Coinbase Hits Second Largest Weekly Outflows, Sparking Bitcoin Bull Run

Technical indicators

  • Exponential Moving Averages: The key EMAs (20, 50, 100, and 200) reflect an unnatural momentum that is unlikely to last long-term.

  • Average Directional Index: A daily ADX value of 50% indicates that the rally has been overdone and a minor correction may be needed to sustain long-term growth.