COREUM Crypto Close to it’s All-Time Lows; Will It Rebound?

• As per Coingecko, the Coreum crypto is underperforming in the global cryptocurrency market.
• In just the last seven days, the COREUM price has declined by 24.0%.

Coreum is a fast, scalable and interoperable layer-1 blockchain that supports smart contracts and token issuance. It is the first EGB with ISO20022 compatibility and IBC protocol. 

COREUM is its native token that has multiple roles and benefits. Coreum is an open-source and community-based project built by the Sologenic Development Foundation.

The volume/market cap ratio of the crypto is 1.91% and the market cap value of the crypto is $64.547 Million. Moreover, the market cap of the crypto is trading flat, showing an increase of 0.2% in the last 24 hours.

The circulating supply of the crypto is 384.792 Million COREUM while the total supply is 545.674 Million COREUM. The max supply of the crypto is not defined and the fully diluted market cap of the crypto is $91.51 Million.

The all-time low price of the crypto is $0.07196, which was formed 3 months ago and the all-time high price of $0.7011 was hit by crypto on April 25, 2022. Since hitting its all-time high price, the price has declined by 76%.

The crypto is built on XRP and was launched for the first time on 28 February, 2022. In order to build its own blockchain,Coreum uses SDK’s Bonded proof of stake security scheme.

COREUM Crypto Technical Analysis

The COREUM crypto price is forming higher low swings on the chart, showing sellers’ dominance over the price of the crypto, which is taking the price to evenlower levels. 

Based on the most recent price action, the trend of the crypto seems to be negative. A strong resistance level is at $0.24160 and if the price of the crypto breaks above this level, the price might start to move higher.

Various indicators on the lower timeframe are also indicating bearishness on the chart. The 50-day and the 200-day EMAs are forming a bearish cross and the price of the crypto is also trading below the EMAs.

The MACD and the signal lines are forming a bullish cross but they have declined below the zero level, showing strong bearishness for the long term.

The RSI is also following a bearish cycle and it is situated at a level of 44.40, and the 14-day SMA is below the RSI, indicating the possibility of retracement in the price of the crypto. 

Summary

Coreum is a layer-1 blockchain with ISO20022 and IBC features. Its native token COREUM is underperforming in the market and is facing a strong downtrend. The technical analysis shows bearish signals. The price of COREUM may continue to plummet unless it breaks the strong resistance level.

Disclaimer

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