Amid the volatile cryptocurrency market, trading requires a thorough understanding of market signals and trends. Although Core (CORE) has seen its value increase by 81.98% over the past year, it has not escaped a 14% loss over the past month. This raises the question of whether now is the right time to buy, sell, or hold Core assets. Join us as we dive into a comprehensive analysis to help make the right choice.
CORE price market performance
Like other cryptocurrencies, the CORE token has seen price fluctuations at different times. At the current price of $1.66, the value has dropped by 2.20% in the past day. Looking at the broader picture, the currency has faced a much bigger drop, falling by 14.60% in the last week.
Nevertheless, the monthly pattern suggests a more modest decline of 1.05%. The full-year performance was 80.85% higher than the previous year.
Despite these fluctuations, the market capitalization of the CORE DAO token remains at approximately $1.5 billion, making it the 58th largest cryptocurrency, according to CoinMarketCap.
The total transaction volume over the past day reached approximately $105.3 million, accounting for 7.04% of the total market capitalization. This shows that there is sufficient liquidity in the market.
CORE’s value reached an all-time high of $6.47 on February 8, 2023 and has since fallen by 73.77%.
Is it time to buy, sell or hold CORE?
Core coin’s technical analysis shows a certain degree of bearish sentiment, with various indicators suggesting a cautious approach. Let’s take a deeper look.
The moving averages present a predominantly bearish outlook, with both the exponential and simple moving averages indicating a ‘sell’ sentiment across different time frames.
It is noteworthy that the short-term exponential moving average (EMA) and simple moving average (SMA) are below the long-term moving average, indicating a downtrend. The 10, 20, 30, and 50-day EMAs are giving sell signals, while the SMA of the same period is also showing selling pressure.
Nonetheless, it is worth mentioning that the extended 100-day and 200-day EMA and SMA indicate a bullish outlook, suggesting a possible change in direction or continued support.
Oscillators reflect mixed sentiment, with neutral sentiment dominating while some indicators are leaning towards selling. The Relative Strength Index (RSI) is at 42.2446, indicating neutrality, while the MACD is also in the ‘sell’ zone.
Fibonacci support and resistance levels provide additional insight into potential price action. If the price moves lower, key support levels are 0.6095, 0.5135, and 1.0483. On the other hand, resistance levels to watch out for in case the price moves higher are 3.8133, 5.6972, and 8.9010.
Considering the technical indicators, the core seems to be experiencing a downtrend, with the moving averages and some oscillators suggesting selling pressure. However, the long-term moving averages and Fibonacci support levels suggest potential buying opportunities or support areas.
suggestion
1. Short-term traders: As the short- to medium-term outlook is generally negative, short-term traders may choose to sell or remain on the sidelines until there are clearer signs of improvement.
2. Long-term investors: Those who invest for the long term may view the current downturn as an opportunity to build a position, especially given the support from extended moving averages and Fibonacci levels.
3. Risk Management: This is crucial no matter which strategy you choose, so it is important to use proper risk management techniques and keep a close eye on any technical pattern changes in the market.