- The COREUM price is trading near the $0.1314 critical demand level.
- Technical indicators summary reflecting negative signals in the current trading phase.
- The trading volume of COREUM has increased by 19.47% in the last 24 hours.
Coreum serves as a core infrastructure for decentralized applications with ISO20022 compatibility, IBC interoperability, and novel smart tokens. It is a 3rd generation layer one enterprise-grade blockchain. That offers nearly 7,000 TPS, guaranteeing elevated throughput, cost-effective fees, and unparalleled scalability.
Coreum Reflected a Significant Upsurge in November 2023
The Coreum price made an impulsive bullish rally from the $0.0896 support level. It increased by over 55%, breaking above the $0.1314 resistance level. Consequently, the sellers gave up on the $0.1314 resistance level, resulting in strong buying strength.
The price surged almost 157% after the knockout of bears from the $0.1314 level. It made a positive change in most of the crypto traders. They jumped on the $0.2402 support level but failed to sustain above, resulting in a fall of 34% on the $0.11558 level.
However, the $0.1558 support level was not strong enough to hold the sellers. As a result, the Coreum price gave a breakdown from the $0.1558 support level and fell 14% below. The current price is consolidating above a critical demand level.
The $0.1314 demand level holds the possibility of a potential bullish reversal. Moreover, the Coreum tokens have a total supply of 542 Million COREUMs, of which 384 Million COREUMs are in circulation.
Technical Analysis of the COREUM Price
The Coreum price is moving below the 50-day and the 200-day EMAs, indicating a bearish trend. Both EMAs had a bearish crossover with each other at the $0.1643 level. If the price exceeds the EMAs, an uptrend can be expected.
The Coreum price made a resistance level of $0.3300. Afterward, it failed to break above that resistance from the $0.2402 support level. As a result, the price declined by over 40% after making a bearish correction on the $0.2402 level.
The price is sustained above the crucial $0.1314 demand level at press time. An upsurge can be expected if the Coreum price slips on the demand level. However, if it closes below the $0.1227 support level, it may fall to the $0.0997 support level.
Furthermore, the relative strength index (RSI) showed an internal bearish divergence in the momentum. It indicates that the sellers have more control over price at the current trading phase. The RSI is moving at 44.26 toward the 50-mark middle band.
Summary
The Coreum price is moving in a bearish trend. The technical indicators summary suggested a negative signal in the current trading sessions. Coreum crypto’s price is sustained above the $0.1314 level, reflecting lesser volatility. It can reclaim the $0.2253 level if it slips on the crucial $0.1314 demand level.
Technical Levels
- Resistance Levels: $0.1767 and $0.2402
- Support Levels: $0.1227 and $0.0896
Disclaimer
The views and opinions stated by the author or any person named in this article are for informational purposes only. They do not establish investment, financial, or any other advice. Investing in or trading stocks and cryptos comes with a risk of financial loss.
