Core [CORE] Rallies 33% in 11 Hours

This brought many speculative traders to the CORE markets. Data from Coinalyze showed that the Open Interest behind the token rose 116% in the past 24 hours.

Core [CORE] token rallied 33% in 11 hours from the low on the 29th of March at $0.39 to $0.52 on the 30th of March, bringing many speculative traders to the CORE markets.

This brought many speculative traders to the CORE markets. Data from Coinalyze showed that the Open Interest behind the token rose 116% in the past 24 hours.

Whether this rally can last was unclear. The higher timeframe charts remained firmly bearish. Usually, such strong rallies over a weekend imply a liquidity hunt.

Why CORE bulls would struggle

On the 1-day chart, CORE was obstinately bearish. Its recent rally retested the $0.4775 resistance level. This level served as a support in February, and before that, in February 2024 as well.

The bearish retest of this long-term S/R level meant it was likely that the Core DAO token price would fall lower in the coming days. However, its trading volume was extremely high over the weekend.

This caused the OBV to surge toward the December highs.