- Core Crypto price is outperformed by 61% of top 100 crypto assets in the last 1 year.
- CORE crypto price is not trading with any fiat currency.
Core is an L1 blockchain compatible with Ethereum, utilizing the Ethereum Virtual Machine (EVM) to run smart contracts and dApps.
Powered by the “Satoshi Plus” consensus mechanism, it combines Bitcoin’s mining hash and DPoS. CORE token facilitates transactions, smart contract interactions, governance, and incentivizes validators and developers on the network.
The market cap and the trading volume of the Core crypto have advanced over the last 24 hours from the press time. The following behavior shows reliability in price surges.
Despite this, the derivatives volume of the crypto has declined by 9.4% following which the open interest also declined by 4.3%. The price of the crypto further is down by 38.3% from its last 30-day high.
Although the Core is the 54th largest cryptocurrency in the global cryptocurrency market, it has a medium liquidity of 7.07% based on its market cap. At press time, 42% of the crypto is circulating in the global cryptocurrency market.
The following circulating supply of the Core crypto is followed by a fully diluted market cap of $4.03 Billion while the market cap of the crypto is $1.691 Billion.
The price of the crypto is trading in a range but the sentiment of the crypto is bullish as per Coincodex. The price volatility of the crypto is also very high resulting in 17.56%.
CORE crypto is not too old and was released on February 8th, 2023. The same day it hit its all-time high price of $6.47 and the price since then has declined by 70.7%.
For the last few days, the Total Value Locked for the crypto has started to advance and at press time values $14.86 Million. This shows the rising interest of investors in the crypto.
What Does Derivatives Have For Core Crypto?
The open interest of the crypto can be seen declining after a huge surge from the beginning of April 2024. This shows that the derivatives activity of the crypto is at a decline.
Despite the decline in open interest, a positive factor can be seen. The short liquidation recorded for the crypto is higher than the long liquidation over the last 24 hours.
The short liquidation for the crypto is worth $216.97K whereas the long liquidation is worth just $34.24K. This denotes that the bulls are leading ahead in the crypto price.
Is CORE Crypto Weak Based On The Technical Chart?
The CORE crypto price is trading between two crucial Change of Character(CHOCH) levels. If the price breaks out of either of the levels, a further continuation in the price of the crypto might be seen.
The most recent price action on the daily timeframe that the price has formed a doji candle pattern and the next forming candle is trying to break the high of the doji.
If the price of the crypto further breaks above the level of $2.14, it will result in the formation of a morning star pattern. This will be a very good sign for a further surge in the price of the crypto.
CORE/USD Chart by TradingView
The CORE crypto price can be seen taking support at the 50-day EMA on the daily chart. Also, the 20 and the 50-day EMAs are trading in a bullish crossover. This signals for a potential uptrend in the price.
The Bollinger bands further have expanded on the charts indicating the possibility of a huge rise in the market.
The MACD indicator further opposes the existing technicals as the MACD and the signal line are trading in a death cross. The histograms formed on the chart are also strongly bearish.
The RSI further supports the MACD as it is trading at a level of 46.38 and further has declined below the 14-day SMA.
Summary
Core crypto shows promise with advancing TVL and bullish sentiment despite recent price decline. Market cap and trading volume surged, but derivatives activity waned.
Price volatility remains high. Despite technical support and bullish signals, MACD and RSI suggest caution. Patient investors might benefit from potential price breakout.
Technical Levels:
- Support Levels: $0.5460 and $1.220
- Resistance Levels: $2.750 and $3.80
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.