Core price (CORE) on the daily chart navigates a crucial technical landscape. It trades below the key EMAs and displays low-volume buying. It is yet to confirm a breakout.
Amid the bearish trend, the $1 level acts as a critical resistance zone, and bulls need to cross the juncture to gain positive momentum.
Currently, it is showing signs of attempting to break out of the downtrend it has been experiencing.
@Ishfaqhami, in his tweet, said that the CORE token is close to a breakout and could trigger a sharp move in the coming sessions.
Amid the price increase, the altcoin still struggled to cross the 20-day EMA mark. Following the price rebound, the weighted sentiment data replicates a spike and crosses the zero line, depicting a rising investor interest in CORE.
CORE Price Prediction: Bullish Reversal on the Horizon?
Core crypto reached a crucial juncture around its 20-day EMA barrier and is looking to cross the $1 mark. For the last two weeks, CORE price retested the demand zone of $0.8000 thrice and attempted a rebound.
However, CORE is below the key EMAs and shows a sustained downtrend. Recently, CORE crypto attempted to break the $1 mark but was rejected. Following the rejection, it stayed flat, and low-volume activity was noted.
The price action represents a series of lower highs and lower lows, a sign of a downtrend. A daily close above the $1.20 mark would validate the trend reversal.
Weighted Sentiment and Price Volatility Data Overview
CORE price witnessed a surge in volatility, displaying signs of growing investor confidence towards accumulation. The price volatility curve surged to 0.016 at press time.
CORE price was trading at $0.9151 with an intraday gain of 2.30% at press time. Its market cap rose to $833.20 Million.
What Do Technical Indicators Say?
The daily chart’s technical readings suggest that a breakout above the $1 mark is cooking, and bulls might succeed soon.
The RSI has generated a positive divergence, supporting the possibility of a breakout. It was noted at around 45 at press time.
Similarly, the Chaikin Money Flow (CMF) reading reflects a surge in liquidity entering the market, reflecting growing investor interest. Its value crossed the zero line at 0.04.
Technical Indicators Data | Source: Coinalyze
Also, the moving average convergence divergence (MACD) indicator showed a bullish crossover, conveying the heightened buying pressure.
Looking at the futures market, the open interest (OI) increased by over 2.49% to $10.81 Million, representing fresh long additions in the past 24 hours.
Likewise, the OI-weighted funding rate turned positive, at 0.0069%, conveying that long contracts overpower short contracts.
The immediate support zones were $0.9000 and $0.8800, whereas the resistance levels were around $0.9600 and $1.
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