CORE DAO Coin: Will CORE Coin Recover From its Deadly Fall? 

• The CORE coin started a bullish move from the $0.38 level to regain its value back.
• The CORE coin is trading near the lowest $0.03 level with the current value at $0.42.

CORE Dao coin was launched on January 14, 2023, and was built as an L1 chain. It was designed to enable reliability, decentralization, security, scalability and consistency. Additionally, its supply complies with the sound money model of bitcoin.

Core DAO Coin: Technical Analysis

The CORE coin’s price is observing an increase of 5.84% during the intraday trading session. It is currently trading at $0.43 with a 24-hour trading volume of $23,192,700. This shows an increase in the volume by 24.93% since the last trading session. The current market capitalization of the coin stands at $69,082,787. Additionally, the coin has a circulating supply of 2,100,000,000 coins.

Technical Analysis On the One-Day Timeframe

From the all-time high at the $6.90 level, the coin has been trading in a downtrend since February 8, 2023. The price faced resistance at $0.49 to continue its direction. Additionally, the price found support at the $0.34 level, which prevented the price from falling.

The price is currently trading in a range between $0.34 to $0.49, after a fall of more than 40% because of strong selling pressure. In the last two trading sessions, the price has formed a strong bullish candle at $0.40, reflecting the bears’ presence at that level.

If the price gives a breakout of $0.49, then the coin’s price may be seen rising to the resistance line forming above. If it also breaks the resistance above, then it may reach its next resistance level at $0.76. However, for the price to continue its bearish rally, it should close below $0.34 after which it may fall to the $0.25 level.

Technical Indicators Analysis Of CORE Coin

The CORE coin price is currently trading at the $0.43 level below the 20,50,100 and 200-day EMAs, indicating a downtrend under strong selling pressure. Additionally, the coin price faced resistance at the 20-day EMA.

The relative strength index (RSI) is currently trading at 41.08, having recently moved down from the overbought area around the 70 mark. This indicates that the sellers are currently in control of the market, and there is room for them to push the price lower.

Conclusion

The overall price structure of Core DAO Coin is bearish. At current the price is trading between the $0.49 and $0.34 levels. If the price gives a breakout of $0.49, it may be seen rising up to $0.59 resistance level. If it also breaks above resistance level, it may reach its next level at $0.76. However, for the continuation of the bearish trend, the price should close below $0.34, then it may fall to $0.25 level. 

Technical Levels

• Resistance Levels: $0.49 and $0.59
• Support Levels: $0.34 and $0.25

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 financial, investment or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.