CORE Price Dragged Below $1 Mark: Will The Bearish Spell Continue

• Technical indicators suggest a potential selloff ahead.
• CORE crypto has a strongly bearish short-term bias.

Core (CORE) price has struggled with consecutive declines, selling pressure, and low investor interest. In recent trading sessions, the CORE price failed to cross the 50-day EMA mark, and a significant reduction in its value was noted.

This week, CORE crypto experienced a challenging move and slipped by over 28% below the $1 mark. Trading below the key moving averages, the sellers have maintained their upper hand and are looking to extend the bearish leg ahead.

Since the beginning of August, the token has stayed in a tight range. Last week, a fakeout was witnessed, and the token was rejected from the $1.25 mark. This is why the traders got trapped near the 50-day EMA mark.

How Is CORE Crypto Doing?

CORE traded at $0.9115, with an intraday decline of over 7.30%, reflecting bearish cues. It boasted a market cap of $829.05 Million and a circulating supply of 907.40 Million.

As per the CoinMarketCap, the token secured the 71st position, based on the market capitalization.

Is It Time To Buy, Sell, or HODL CORE?

CORE crypto projects a bearish chart structure on the daily chart, forming a series of lower lows. Recently, the token breached the round mark of $1, hinting that it might continue to trade under bearish influence.

Most technical indicators suggested caution when trading with the bearish sentiment inside a falling channel pattern.

The Relative Strength Index (RSI) line has been heading toward the oversold region, noted at 34. It represented a negative divergence.

CORE Price Volume Chart | Source: Santiment

Likewise, the MACD indicator continued to plot red bars on the histogram, underscoring the bearish observations. The steady stream of sellers meant that it might extend the ongoing bearish spell.

In a recent tweet by Rager, he explained that the CORE price traded at its support zone. If the market sentiment favors it, CORE could see a significant upswing in the long term.

Considering the technical indicators perspective, the CORE token experienced a downtrend. It happened as short-term leading indicators conveyed intense selling pressure.

To gain better control, buyers must break and sustain above the resistance mark of $1.30. Below the $0.900 mark, further selloff can be anticipated.

Sudden Drop in TVL: What Does It Mean?

Since this month’s beginning, the token’s TVL has had a muted start and noted a significant rise. On August 24, the TVL reached the moon, which was reported at $322.28 Million. However, a sharp drop was exhibited afterward, currently at $175.82 Million.

A sudden drop in the TVL means the loss of investor interest and liquidity concerns, which affected the token’s price.

Amid the lack of demand, the CORE crypto price failed to violate the primary resistance mark of $1.30. It experienced a continuous selloff.

Furthermore, a significant drop in the new active addresses was observed. This represents that the investors lost interest in the token, leading to a price drop.

Futures Open Interest in CORE Declines

Along with the sustained price drop, future market data hinted the same. The Open Interest (OI) shed over 3.20% to $11.29 Million as long traders exited their positions due to fear in the past 24 hours.

While CORE crypto wrapped up the month bearishly, the closest support for the coming sessions was around $0.8800. It was followed by $0.08200.

If the bulls push above the $1 mark, their next area of interest would be $1.30, followed by $1.50.

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.

Pratik Chadhokar