- The CORE crypto price has reflected an increment of 25% from the $1.54 demand zone.
- The CORE/USDT cryptocurrency pair reflects higher liquidity in the Bybit trading exchange.
- The 24-hour trading volume has reached over $139 Million with an increment of 2.45%.
Launched in January 2023, Core (CORE) is a layer-1 blockchain that offers ideas to solve the blockchain trilemma. While compatible with the Ethereum Virtual Machine (EVM), the blockchain can run Ethereum smart contracts and decentralized applications (dApps).
Conversely, the CORE price witnessed tremendous growth in March 2024. It delivered almost 300% positive returns during that month. However, the crypto has been facing bearish remarks since April 2024.
Is CORE Token Price Making a Bullish Reversal? Price Performance
The Core crypto price has been performing with bearish sentiments since April 2, 2024. Previously, an impulsive bullish rally of over 700% positive returns could be seen in the price. Due to the impulsive hike in the price, initial profit bookings took place, reflecting the extreme greed at the $4.30 resistance level.
At present, the buyers are pushing hard for the resurgence of the CORE price. The Core crypto price is also underperforming the global cryptocurrency market and similar layer-1 cryptocurrencies. It has a circulation supply of $888 Million, which holds a market cap of $1.62 Billion.
Price Volatility & Social Dominance Analysis
At the end of March 2024, the social tweets about the Core crypto rose by over 1.20% in the crypto world. That positively impacted the price, which surged above the $3.72 level.
Afterward, bearish sentiments took place on crypto, resulting in the decline of social dominance. In recent sessions, the social sentiments seem to be increasing, which can lead to a positive scenario.
Technical Analysis of the Core (CORE/USD) Coin
![CORE](https://themarketperiodical.com/wp-content/uploads/2024/05/image-259-1024x472-1.webp)
The current Core price is moving at the key exponential moving average, indicating uncertainty in the trend. If the price slips below the 50-day EMA, the EMA can act as a dynamic resistance.
The CORE price has shown a strong bullish presence from the $1.21 demand zone. The price moved over 135% from that demand zone and reached the $2.90 supply level. In recent sessions, the buyers have reflected their presence from the $1.54 decisional demand zone, which resulted in the breakout of a trendline forming above.
The $2.90 and $1.21 levels are playing a major role in current sessions; breaking these levels can lead the price in that direction.
The relative strength index (RSI) is moving at the 50-mark middle band, indicating a neutral perspective on the price. The RSI is 48.70, above the SMA line.
Summary
The Core crypto price is facing bearish domination after experiencing a massive rise in price in March 2024. The crypto price has dropped over 55% since April 2024. At present, the buyers are showing their strength from the $1.54 decisional demand zone. The bulls are trying hard to surge the price, although the bears have the upper hand in the directional trend.
Technical Levels
When writing, the immediate resistance for CORE was $2.90, while the $1.21 level was the following support. If the price exceeds the upper resistance level, a price rise can be seen. Similarly, a drop below the mentioned level can lead to further declines.
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.