COREشراء
Core Price Under Pressure: A Recovery Ahead or Further Crash?
Core Price Under Pressure: A Recovery Ahead or Further Crash?
Meta Description: Core price noted a strong downturn in the last week of July and crashed nearly 40% a week.
Development activity Curve has spiked in Core indicating major updates or changes on the way.
At the time of writing, Core price was exchanging hands close to $1.04 indicating a 5.38% rise in intraday.
Despite the recent recovery in the broader markets, Core failed to gain traction and has been struggling at the lows. The failure of the bulls adds a risk of selloff if the broader retreats to the lower side.
Earlier, Core price noted a strong downturn in the last week of July along with the weakness in the broader markets. The panic in the broader markets triggered a nearly 40% crash in the price as measured from the July High. Also, CORE price was lagging nearly 75% from the annual highs.
However, Despite the fall in the price, The development activity curve has risen indicating some major changes and updates are on the way. Let's correlate it with the price and try to analyze the possible trajectory of Core for the upcoming sessions.
Development Activity Curve On The Rise
Core is a Layer1 blockchain which is able to run Ethereum smart contracts and decentralized applications (dApps). The Core developers aim to create an infrastructure operating at the core of web3.0. Moreover, the project is supported by the native token CORE.
<iframe title="Santiment Chart: Development Activity (CORE), Dev. Activity Contributors Count (CORE), Price (CORE)" width="800" height="425" src="embed.santiment.net/chart?ps=core-dao&pt=CORE&df=2024-07-11T18:30:01.688Z&dt=2024-08-12T18:29:59.688Z&emcg=1&emhwm=1&wm=dev_activity;dev_activity_contributors_count;price_usd&wax=0;1;2&wc=#8358FF;#FF5B5B;#26C953&ws={"transform":{"type":"moving_average","movingAverageBase":168}};;{"node":"area"}" scrolling="no"></iframe>
Source: TradingView
It has a market capitalization of $937.88 Million and ranks 67th in the cryptoverse. The volume to market cap ratio at 5.36 indicates low volatility in the crypto.
Moreover, As per the data obtained from an on-chain analytics website, there has been a significant rise in the development activity. The development activity curve as well as development activity contributors count have grown in the recent sessions.
Moreover, the development activity reflects the level of activity in the form of undergoing projects and developments in the crypto. A rise in development could leave a positive impact on the price
Can Bulls Defend $1 Level?
The daily chart highlights the formation of a descending triangle pattern. Core price has been under a correction phase since April 2024. On the higher side, the price has suffered multiple times from a trendline resistance and has slumped.
Earlier, Core price noted a strong bullish momentum in Mid March and surged nearly 450% in just two weeks. Since the 1st week of April Core price has been under a correction phase maintaining a lower high pattern.
Recently, Core price suffered rejection near the trendline resistance and dipped towards the support level of $0.86. Recently, the bulls registered their presence near the support due to which Core has reclaimed above the $1 level.
Now, until the $0.86 level is not breached, the short term investors may look for 20 to 25% gains on the higher side if the price manages to surpass the $1.10 level. On the contrary, if Core price slumps below the $0.86 level more selling pressure could drag the price towards the $0.5 level.
Core has struggled to gain traction despite broader market recovery, risking a selloff. The crypto saw a 40% crash in late July and is down 75% from annual highs. Development activity has risen recently highlighting the possibility of a price recovery.
Moreover, the daily chart shows a descending triangle pattern, with Core in a correction phase since April 2024. After a 450% surge in mid-March, it has faced trendline resistance and dipped to $0.86 support. Recently, the Bulls have reclaimed above $1. Now, short-term gains of 20-25% are possible if it surpasses $1.10. Falling below $0.86 could drag it towards $0.5.
Meta Description: Core price noted a strong downturn in the last week of July and crashed nearly 40% a week.
Development activity Curve has spiked in Core indicating major updates or changes on the way.
At the time of writing, Core price was exchanging hands close to $1.04 indicating a 5.38% rise in intraday.
Despite the recent recovery in the broader markets, Core failed to gain traction and has been struggling at the lows. The failure of the bulls adds a risk of selloff if the broader retreats to the lower side.
Earlier, Core price noted a strong downturn in the last week of July along with the weakness in the broader markets. The panic in the broader markets triggered a nearly 40% crash in the price as measured from the July High. Also, CORE price was lagging nearly 75% from the annual highs.
However, Despite the fall in the price, The development activity curve has risen indicating some major changes and updates are on the way. Let's correlate it with the price and try to analyze the possible trajectory of Core for the upcoming sessions.
Development Activity Curve On The Rise
Core is a Layer1 blockchain which is able to run Ethereum smart contracts and decentralized applications (dApps). The Core developers aim to create an infrastructure operating at the core of web3.0. Moreover, the project is supported by the native token CORE.
<iframe title="Santiment Chart: Development Activity (CORE), Dev. Activity Contributors Count (CORE), Price (CORE)" width="800" height="425" src="embed.santiment.net/chart?ps=core-dao&pt=CORE&df=2024-07-11T18:30:01.688Z&dt=2024-08-12T18:29:59.688Z&emcg=1&emhwm=1&wm=dev_activity;dev_activity_contributors_count;price_usd&wax=0;1;2&wc=#8358FF;#FF5B5B;#26C953&ws={"transform":{"type":"moving_average","movingAverageBase":168}};;{"node":"area"}" scrolling="no"></iframe>
Source: TradingView
It has a market capitalization of $937.88 Million and ranks 67th in the cryptoverse. The volume to market cap ratio at 5.36 indicates low volatility in the crypto.
Moreover, As per the data obtained from an on-chain analytics website, there has been a significant rise in the development activity. The development activity curve as well as development activity contributors count have grown in the recent sessions.
Moreover, the development activity reflects the level of activity in the form of undergoing projects and developments in the crypto. A rise in development could leave a positive impact on the price
Can Bulls Defend $1 Level?
The daily chart highlights the formation of a descending triangle pattern. Core price has been under a correction phase since April 2024. On the higher side, the price has suffered multiple times from a trendline resistance and has slumped.
Earlier, Core price noted a strong bullish momentum in Mid March and surged nearly 450% in just two weeks. Since the 1st week of April Core price has been under a correction phase maintaining a lower high pattern.
Recently, Core price suffered rejection near the trendline resistance and dipped towards the support level of $0.86. Recently, the bulls registered their presence near the support due to which Core has reclaimed above the $1 level.
Now, until the $0.86 level is not breached, the short term investors may look for 20 to 25% gains on the higher side if the price manages to surpass the $1.10 level. On the contrary, if Core price slumps below the $0.86 level more selling pressure could drag the price towards the $0.5 level.
Core has struggled to gain traction despite broader market recovery, risking a selloff. The crypto saw a 40% crash in late July and is down 75% from annual highs. Development activity has risen recently highlighting the possibility of a price recovery.
Moreover, the daily chart shows a descending triangle pattern, with Core in a correction phase since April 2024. After a 450% surge in mid-March, it has faced trendline resistance and dipped to $0.86 support. Recently, the Bulls have reclaimed above $1. Now, short-term gains of 20-25% are possible if it surpasses $1.10. Falling below $0.86 could drag it towards $0.5.
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