CORE avoids another crash, aims to erase losses | Credit: Hameem Sarwar
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Key Takeaways
CORE has bounced over 130% after the last crash, supported by cleared bad debt and rising volume.
Despite the recovery, weakening RSI and negative sentiment suggest the rally may be fragile.
A breakout above the $0.083 resistance could extend gains, while failure may lead to a pullback.
There is a graveyard in crypto filled with tokens that collapsed, bounced briefly, and then finished what the sell-off started.
However, it seems that CORE is doing its best to prove it does not belong there. Since the cryptocurrency crashed to a new all-time low on April 2, its price has increased 130%.
This has happened as Bitcoin extended its rally while aiming to breach $80,000. But does this mean that the CORE crypto price will continue to rise?
CORE Targets Break Above Resistance
On March 30, the CORE crypto price plunged by over 50% in a matter of hours.
As CCN reported, a liquidation cascade hit the Colend lending protocol, forcing large positions to unwind.
Selling accelerated. Volume exploded to nearly $130 million, nearly four times the token’s market cap at the time.
Now, it appears that the phase is over. On-chain data shows the bad debt has been cleared.
The forced sellers are gone, and with them, the immediate downward pressure.
In their place, buyers stepped in. This week alone, buying volume surged by more than 140%, pushing the CORE crypto price back above key levels.
Amid this, CORE has formed a clear rounding bottom on the 4-hour chart. This setip indicates that the token has transitioned from accumulation to potential trend reversal.
As it stands, the CORE crypto price has been pushing back toward the neckline resistance ($0.063).
At the same time, the MACD has been trending upward, with a bullish crossover showing that momentum has been building in favor of buyers.
However, there is a conflicting signal. The RSI had been bullish earlier, printing higher lows and supporting the upside move, but it is now starting to decline as the price approaches resistance.
This combination creates a mixed setup. The rounding bottom and MACD suggest the price could break above $0.063 and move toward $0.075 if momentum continues.
But the RSI’s cooling off suggests the current rally could be a dead-cat bounce. If CORE’s price fails to hold and gets rejected at the neckline, it could drop back toward $0.045.
Other Things Happening Behind the Scenes
But there was more behind the drop. CORE was also dealing with a structural issue.
During a recent consensus upgrade, a large amount of tokens and delegated Bitcoin hash power entered a mandatory unbonding phase.
That created the perception of capital leaving the network and increased liquidity at the worst possible time.
Now, that phase is ending as validators return and staking slightly stabilizes. Because less supply means less pressure.
At the same time, CORE is finding support from a broader trend, specifically, Bitcoin.
More specifically, BitcoinFi, as the flagship cryptocurrency’s price looks poised to retest $80,000.
Meanwhile, the CORE crypto has recently seen increased volume. However, on-chain data from Santiment shows that weighted sentiment has been dropping at the same time.
This combination is important. Rising volume is confirming strong participation in the move, meaning the rally is not weak or illiquid.
However, the declining sentiment suggests the broader market is becoming more cautious, or even bearish.
CORE Trading Volume vs Weighted Sentiment | Credit: Santiment
This divergence often happens near local tops or during late-stage rallies.
So, if volume continues to rise while sentiment remains weak, CORE’s price could still rise slightly in the short term on momentum, potentially extending the rally.
However, the lack of supportive sentiment increases the risk of a reversal once buying pressure fades.
At the time of writing, the price remains in a broader downtrend (lower highs and descending trendline).
Notably, the current move is just a recovery from the $0.022 bottom into the 0.236 Fib (~$0.060), which is acting as immediate resistance.
Furthermore, the Awesome Oscillator (AO) momentum is improving, which supports the short-term bounce, but it hasn’t fully shifted into strong bullish territory yet.
If CORE fails to break and hold above $0.060, this looks like a relief rally within a downtrend, and the price could roll over back toward $0.035.
On the contrary, if it breaks above $0.060, the next upside targets are $0.088 (0.382 Fib) and then $0.10 (0.5 level), which would signal a stronger trend reversal attempt.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
