A Massive Gain In Core – Missed Opportunity Or Lucky Miss?

• 1 The currency’s market cap is $2.358 Billion, with a 24-hour trading volume of $417.559 Million highlighting moderate volatility.
• 2 The crypto has experienced a 65% rise in OI and a 259% increase in derivatives volume within a day, with more short positions liquidated than long. 

CORE is the principal currency of the Core blockchain, serving as the medium for transactions, smart contract operations, and governance activities. The “Satoshi Plus” consensus model, which merges Bitcoin mining delegation with DPoS, rewards validators and developers for their contributions to the network’s enhancement and security, thereby supporting decentralized apps.

According to CoinMarketCap, there’s been a 147% increase in trading volume for CORE, and its market capitalization has risen by 67% in the past day alone. Currently, CORE ranks 56th in market cap.

The market capitalization of CORE stands at $2.358 Billion, accounting for a 0.09% market dominance. The 24-hour trading volume is $417.559 Million, leading to a volume-to-market cap ratio of 17.7%, highlighting moderate volatility.

Despite not being listed on recognized exchanges or paired with fiat currencies, the market sentiment towards CORE is optimistic, although it exhibits significant volatility at 22.5%.

The circulating supply of CORE is 875.04 million, which is 41.6% of its total possible supply of 2.1 billion CORE. With a fully diluted market cap of $5.637 Billion, CORE shows a substantial inflation rate of 1081.95%.

Derivatives Analysis Of The CORE Crypto

The Core cryptocurrency has seen a significant increase in open interest recently, accompanied by a substantial rise in derivatives trading volume.

In the span of just one day, the open interest for Core has jumped by 65%, and the derivatives volume has skyrocketed by 259%, leading to a trading value of $1.87 Billion.

Moreover, over the past 24 hours, there has been a notable amount of short positions liquidated, totaling $4.26 Million, compared to $2.6 Million in long position liquidations. This activity has resulted in a very close long/short ratio of 1.0028.

Technical Analysis Of CORE Crypto In 1-D Time Frame

CORE’s cryptocurrency is exhibiting robust momentum, with its value steadily climbing over recent days. Similarly, the CORE crypto had been trading earlier, within an ascending wedge pattern for an extended period before breaking out, which resulted in a dramatic price increase of over 350%.

Likewise, the gap is huge between the 20-day and 50-day EMAs, with the crypto’s price soaring 140% above the 20-day EMA. Additionally, the EMAs are forming a ‘golden cross,’ a technical indicator that suggests a bullish trend.

The MACD aligns with this upward trend, evidenced by a bullish crossover between the MACD and the signal line. The chart’s histograms further reinforce the bullish sentiment.

On the daily chart, the RSI has escalated to overbought territory, currently positioned at 94, signaling intense momentum in the crypto’s price.

Despite these indicators pointing towards a strong bullish trend, there remains the potential for a significant price correction in the near future.

Social Dominance And Developer’s Activity Analysis

The social dominance including X CORE news, X followers, and social volume (including active users of Telegram and X), shows a positive trajectory in CORE.

There is also an uptick in active users of CORE crypto and Twitter chatter. These metrics confirm that CORE is popular. Moreover, the CORE highlights healthy developer activity, as the developer’s activity contributor’s commit count is also changing over time.

Summary

Recent data shows a surge in CORE’s trading volume by 147% and a 67% increase in market cap, now ranking 56th globally.

Moreover, the currency’s market cap is $2.358 billion, with a 24-hour trading volume of $417.559 Million, indicating moderate volatility. Despite not being listed on major exchanges, sentiment is positive, though volatile.

CORE’s circulating supply is 875.04 million, 41.6% of the total 2.1 billion. Its fully diluted market cap stands at $5.637 Billion, reflecting a high inflation rate. Likewise, the crypto has experienced a 65% rise in open interest and a 259% increase in derivatives volume within a day, with more short positions liquidated than long. 

The price has shown strong momentum, breaking out of a long-term ascending wedge pattern, leading to a 350% price increase. Similarly, the price is significantly above the 20-day EMA, with EMAs in a ‘golden cross’ and MACD indicating an uptrend. The RSI is at overbought levels, suggesting strong momentum but also the possibility of a future price retracement.

Additionally, Social metrics like X activity and developer engagement are on the rise, confirming CORE’s growing popularity and active development.

Technical Levels

Support Levels: $1.0

Resistance Levels: $3.0

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.