CORE price has increased by more than 45% this week and maintains bullish momentum.
Market structure and technical indicators suggest further growth ahead.
The Core (CORE) cryptocurrency is trading in a bullish trend, gaining more than 45% in a week. It has broken the psychological barrier of $1 as trading volumes have increased significantly.
CORE price has been stuck in a tight range for the past three weeks. This week, the bulls managed to surpass the key EMAs and broke above a significant hurdle.
However, the coin fell from the $2 level and faced a minor retracement. At press time, the CORE cryptocurrency is trading at $1.52. Moreover, the coin is up more than 4.30% intraday and the trading volume is up more than 17%.
The market cap rose to $1.4 billion with a total supply of $2.09 billion. A retest of the $1.20 area will present a better risk-reward opportunity. This will help the cryptocurrency to enter a long trade to chase the upside level of $2 in the coming days.
In addition to the rise in market capitalization, the bull run is also justified by the increase in investor confidence. Its weighted sentiment data reflects the rise in bullish sentiment. As a result, the curve surged above the zero line, emphasizing the positive outlook.
Core Price Action – Breakout and Approaching Resistance
CORE’s price action is impressive. It broke out of the range-bound trajectory and saw a significant increase in volume. The coin is testing higher price levels above the $1.80 area.
Despite the sharp correction from the $2 level, the bullish momentum remains intact. Moreover, it is likely to break above the $2 barrier and continue its upward move.
The Relative Strength Index (RSI) reading of 62 indicates strong bullish momentum. Moreover, it also highlights that CORE could be approaching the overbought region.
A break above the $2 level could propel CORE higher. However, the risk of a pullback remains. Therefore, if CORE can maintain its current momentum and break above the resistance, further gains are likely.
Solberg Invest, a cryptocurrency analyst, highlights that the CORE cryptocurrency has seen a falling wedge pattern breakout. The gain is more than 70% in 3 days. In a sharp rise, the coin could surge higher and could reach the $4 level in the next few trading days.
What do on-chain metrics mean?
Metrics data shows that the token has a net network growth rate of 0.88%. This reflects increased activity and investor interest.
Furthermore, the currency trading volume has risen by 3.57%. This means that more investors are now in profit.
However, concentration activity declined by 0.09%, indicating a decline in shareholder confidence. Meanwhile, large transaction activity remained neutral.
Short selling is not encouraged
Liquidation indicators indicate bullish sentiment is high and the futures market is bullish. More than $60,000 of short positions were destroyed in the past 24 hours.
Moreover, the open interest (OI) has risen by more than 6.69% in the past 24 hours to $37.47 million. This represents a bullish outlook. The immediate support areas for CORE price are $1.42 and $1.25. On the other hand, the resistance areas are $1.75 and $2.