- The Coreum price hovers above the $0.1314 demand zone at press time.
- Moving averages indicate a strong negative signal in the current sessions.
- The trading volume of Coreum is at $1.75 million, with an increase of 4.99% in the last 24 hours.
Coreum (COREUM) is the world’s first super ledger, a layer-1 enterprise-grade blockchain. The network ensures expedient and economical transactions across a swift, secure proof of stake (PoS) consensus. It has a transactional speed of up to 7,000 TPS and ISO20022 compliance for cross-border settlements. The blockchain leverages WASM-based smart contracts, RWA, and Neobanking applications.
Coreum Six-Month Returns are Slowly Fading Away!
The cryptocurrency has started its bullish journey from the $0.0727 support in October 2023. Afterward, consistent positive returns were observed in the Coreum token price, lasting three consecutive months. The price surged over 350% during the last quarter of 2023.
However, after reaching the $0.3300 supply level, the price of Coreum faced a heavy profit booking from the traders. The price decreased 19.64% in January 2024, which continues to this day, reflecting a bullish correction period.
Coreum currently has a supply of 570.72 million tokens, holding a market capitalization of $76.93 million. The bonded liquidity pool has 54.80% of the net supply, and the remaining 44.29% is unbonded. The current inflation rate of the cryptocurrency is at 14.61%.
Price-to-Volume and Social Dominance Analysis
The social buzz of cryptocurrency started getting public interest in December 2023. Due to this, the price rose above the $0.3000 mark, but the volume remained stable at $1.63 million. Since December 2023, the social dominance of the Coreum crypto has been slowly fading away, currently covering 0.004% of the entire crypto world.
Technical Analysis of the Coreum (COREUM) Price
The short-term outlook lies below the key exponential moving averages on the bearish side. The 50-day and 200-day EMAs had a death crossover at $0.1643, reflecting negative sentiments in the current sessions.
The Coreum price has been given a breakdown of the $0.1558 support level. Afterward, the price made a retracement to the $0.2081 supply level. The current price is experiencing a bearish rally of almost 30% decline to the $0.1314 bullish point of interest (POI).
The Coreum price can attain bullish momentum once again if it has a closing above $0.2081. Additionally, if the price slips below $0.1227, a sharp fall to the $0.0997 support can be seen in the cryptocurrency price.
The relative strength index (RSI) reflected an internal bullish divergence in the price momentum. It indicates the increasing buying pressure in the current trading phase. The RSI is moving at 34.37 below the signal line.
Summary
The Coreum price has been reflecting negative sentiments since December 2023. The price has shown lower-low swing structures afterward. The current price is hovering above the $0.1314 key bullish POI, which holds the potential for a bullish reversal. The price can regain bullish momentum if it has a closing above $0.2081. Additionally, if the price slips below $0.1227, a sharp fall to the $0.0997 support can be seen in the cryptocurrency price.
Technical Levels
- Resistance Levels: $0.2081 and $0.2571
- Support levels: $0.1227 and $0.0896
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
