CORE (CORE) Crypto Rallied Over 45% in a Week, Surpassed the Psychological $1 Barrier

Core (CORE) crypto was traded in a bullish bias and rallied over 45% in a week. It has surpassed the psychological $1 barrier with a substantial volume surge.

Core (CORE) price analysis reveals a bullish trend with a 45% surge in a week. It has broken through the psychological $1 barrier with a significant volume increase. After being capped in a narrow range for three weeks, bulls managed to push past key EMAs and climb higher.

However, a rejection from the $2 level was observed, leading the altcoin to retrace slightly. At press time, CORE crypto trades at $1.52.

Moreover, the token noted an intraday rise of over 4.30%, accompanied by a volume increase of 17%. The market cap rose to $1.40 Billion, and the total supply stood at 2.09 Billion.

A retest of the $1.20 region would present a better risk-to-reward opportunity for traders looking to enter a long trade and chase the upside level of $2 for the coming days.

Apart from the rising market cap, increased investor confidence also justified the bull rally. Its weighted sentiment data reflected a rise in bullish sentiment as the curve surged beyond the zero line, indicating a positive outlook.

CORE Price Action- Breakout and Approaching Resistance

The CORE price action has been impressive, breaking out from its range-bound trajectory with a solid surge in volume. The token is now testing a higher price level above the $1.80 region.

Despite the significant pullback from the $2 level, the bullish momentum was intact and could see a follow-on rally beyond the $2 hurdle.

The Relative Strength Index (RSI) had a reading of 62, indicating strong bullish momentum. However, it also highlighted that CORE may be nearing an overbought region.

A breakout above the $2 level could lead CORE higher, but the risk of pullback remains present. Therefore, further gains may be likely if CORE can maintain its current momentum and break through resistance.

Crypto Analyst Solberg Invest highlighted that CORE crypto had registered a falling wedge pattern breakout and surged more than 70% in 3 days.

Amidst the massive rally, the token could see substantial gains and may reach the $4 level in the coming sessions.

What Are the Indications of On-Chain Metrics?

Into The Money metric data revealed that the token’s net network growth increased by 0.88%, reflecting rising activity and investor interest.

Furthermore, the Money transactions rose by 3.57%, implying that more investors are now in profitable positions.

However, the concentration activity declined by 0.09%, depicting lower confidence among the holders. At the same time, the large transaction activity remained neutral.

Short Positions Discouraged

The liquidation metric indicated a bullish sentiment and favored bulls on the futures market front. Over $60k in short positions have been wrecked in the last 24 hours.

Moreover, the Open Interest (OI) has risen over 6.69% to $37.47 Million over the past 24 hours, presenting a bullish outlook.

The immediate support zones for the CORE price were $1.42 and $1.25. On the other hand, the resistance zones were $1.75 and $2.