CORE Token Nears Record Lows as Bitcoin-Based Asset Shows Bullish Divergence
Key Takeaways
- CORE’s price has fallen by 57% year-to-date and is close to dropping to its all-time low.
- The MACD and MFI show rising interest in it as it tries to break the descending triangle.
- CORE’s price will likely rise above the $0.73 resistance, which could lead to a higher value.
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CORE, the native token of the Bitcoin-compatible Ethereum Virtual Machine (EVM) project Core, has plummeted 28% in the past 30 days. The drop pushes CORE’s price to $0.47, shy of its all-time low.
This decline happened due to low demand and selling pressure around CORE since it reached $2 on Dec. 1, 2024.
However, despite the rising sell-offs, the CORE token price looks ready to experience respite. Here is why.
CORE Stabilizes After 57% Decline
As of this writing, CORE’s price had changed hands at $0.46, representing a 57% decline year-to-date (YTD).
According to the daily chart, this price correction has kept the CORE token price trading within a descending triangle. A descending triangle is a pattern that features a downward-sloping upper trendline and a flat horizontal trendline.
On the daily CORE/USDT chart, the token failed to drop below the horizontal support. Also, the price keeps flirting with the falling trendline, indicating that CORE’s value seems ready to exit this bearish pattern.
Besides the price action, two key indicators suggest CORE may recover some recent losses. The Moving Average Convergence Divergence (MACD) has flipped positive, indicating a shift in a bullish momentum.
Meanwhile, the Money Flow Index (MFI) has risen, increasing buying pressure. A rising MFI is a bullish sign.
However, a decrease in the indicator represents a bearish sign. Therefore, this rise in the MFI, paired with the falling price, indicates a bullish divergence for CORE.
CORE Price Analysis: Sustained Surge Possible
Further examination of other indicators on the daily chart supports this bias. For instance, the Awesome Oscillator (AO), which uses the recent and historic price movement to measure momentum, has flashed green histogram bars.
Typically, when the AO reading is negative, momentum is bearish. On the flip side, momentum is bullish when the AO is positive.
Though the AO is negative as of this writing, the green bars indicate that the momentum could switch from bearish to bullish. If this remains true, the CORE token price might test the 0.786 Fibonacci level at $0.73.
If this happens, the cryptocurrency is likely to break that resistance. CORE could climb to the $1 mark in the short term in that scenario.
Alternatively, if the altcoin fails to rise past the $0.73 resistance, it could slide below the support line of the descending triangle.
Should that be the case, CORE’s price could decline to its all-time low of $0.34.
If demand for CORE does not improve at this level, the cryptocurrency’s value could drop to another record low.
