Core Coin Experiences Drastic Price Drop in First Half of April: From a peak of $4.36, Core Coin plummeted to $1.15, representing a 73.5% decrease. This downturn began as a corrective measure following a rally but was intensified by geopolitical tensions between Iran and Israel, as well as Bitcoin‘s pre-halving correction. Despite this, the combined support of the 78.6% Fibonacci retracement level and $1.15 low sparked renewed optimism among investors, potentially triggering a market recovery.
Can Core Coin Regain Its Value Above $3?
Core is a blockchain solution that brings the strength and reliability of Bitcoin, while also working with Ethereum‘s Virtual Machine (EVM). It offers a distinctive blend of Delegated Proof-of-Work (PoW) and Delegated Proof-of-Stake (PoS) protocols for enhanced security and efficiency.
The Core design is designed to improve network efficiency, minimize the chance of centralization, and accelerate transactions. As a result, it offers a flexible and secure base for creating and launching decentralized apps.
The recent bounce back in CORE’s price found support at the 78.6% FIB level, which was around $1.15. This upturn drove the coin price up by a significant 146%, reaching towards the resistance at $2.9. However, the CORE price is currently facing difficulties in surpassing this resistance as the overall market correction continues.
The price of the altcoin slumped by nearly 19% during intraday trading, reaching a new low of $2.19. However, even with this decline, CORE coin manages to hold a market value of over $1.94 billion, keeping it in the list of the top 50 cryptocurrencies.
To have more command over the CORE asset, purchasers need to surpass the $2.9 resistance level first. Once that happens, CORE coins could recover half of their previous loss’s value and potentially continue expanding.
The post-breakout rally could push the asset another 52% to hit a $4.38 high.
Technical Indicator
- Exponential Moving Average: The fast-moving 20-day EMA increases the support strength for the CORE coin price at $2.
- Relative Strength Index: The daily RSI above 53% reflects a neutral to bullish market sentiment.
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2024-04-16 18:41