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Is Consolidation in the Core Crypto a Sign of Base Formation?

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Is Consolidation in the Core Crypto a Sign of Base Formation?
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CORE crypto price prediction indicates that buyers are active and might win the battle inside the range. It has consolidated for quite a long time so a sharp upward or downward move may come anytime. 

The range-bound trading denotes that Core crypto is forming a strong base, which is likely to act as a demand zone. Buyers are strengthening their grip and trying to absorb the selling pressure. 

Recently, the CORE price slipped below the 50-day EMA and triggered a negative sentiment. The sellers are also active and trying to pull the price below $0.4500. If they succeed, it may raise concerns for the long-term investors. 

Previously, buyers tried multiple times to break the $0.6778 hurdle.  However, the attempt failed due to the strong presence of sellers. It needs the participation of big players and crypto whales for a successful range expansion. If not, sellers will keep on rejecting it from the supply zone. 

Currently, the CORE/USDT crypto pair is trading at $0.5162 with a one-day decrease of -1.50%. In the last 24 hours, the volume-to-market cap ratio is at 0.3045. It indicates that this coin has high liquidity and can be easily traded in exchanges. 

CORE Prepares for Range Expansion; Will the Bulls Succeed?

Is Consolidation in the Core Crypto a Sign of Base Formation?
Source: CORE/USDT daily chart by Tradingview

CORE price is near the lower range support placed at $0.4500. Hopefully, buyers will come forward again to give a bounce. 

If the price holds the lower range, it can be risky to build a position against the bulls. However, the buyers need to regain the 50-day EMA to bring back the confidence of the bulls. 

The probability of the range expansion in Core crypto will increase when the price trades above the EMA. The analysis suggests, that buyers may succeed in holding the demand zone and might attempt again for a breakout.

The Trend of Core Crypto is Not Clear; What’s Next?

The trend of Core crypto is not clear until the price breaks either side of the range. An upside-directional move is possible in the coming months. 

So, aggressive traders can take the risk and add CORE to their portfolios. If the overall crypto market performs well in 2024, then this investment might provide good returns in the long run.

Conclusion 

CORE price prediction can stay bullish until it holds the $0.4500 support level. It formed a strong base and the downside risk is low. However, the possibility of the range expansion will increase when the price trades above the 50-day EMA. 

Technical levels
  • Resistance levels: $0.6778 and $0.7913
  • Support levels: $0.4500 and $0.3460
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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