Coreum's Volatility and Market Outlook: Resilience Amidst Resistance

Amidst strong selling pressure, Coreum price faces resistance near monthly lows. Despite an intraday gain of 2.80% to $0.139, the presence of buyers at lower levels indicates resilience. The price faces dynamic resistance at the 20 and 50-day EMAs, hindering further upward momentum. The recent surge in social users suggests growing popularity, while technical indicators present a mixed outlook. The Coreum price could potentially reach $0.177 in April if resistance is overcome, but a drop to $0.120 is also possible.

Coreum's Price Volatility and Market Outlook

Price Fluctuations and Supply Zones

Coreum's price has recently encountered substantial selling pressure near its upper supply zone, leading to a decline towards its monthly low. Currently, Coreum is trading at $0.139, exhibiting a modest 2.80% intraday increase.

The price surged higher from the monthly low, indicating buying interest at lower levels. Earlier this week, a similar buying trend was observed from the same monthly low value. However, bullish momentum waned as the price encountered the 20-day Exponential Moving Average (EMA). Subsequently, a strong bearish candle formation on the daily chart resulted in a drop to the demand zone.

Dynamic Resistance and Trend Reversal

On the upside, the 20-day and 50-day EMAs act as dynamic resistance levels, impeding further upward price movement. A breakout above this resistance is necessary to reverse the short-term bearish trend.

Despite the recent decline, Coreum's price remains above its monthly low and demand zone, offering a glimmer of hope for buyers. The short-term trend has shifted slightly bearish due to continuous selling pressure in recent weeks.

Volatility and Price Correlation

Coreum's volatility measures the price fluctuations. The recent chart highlights a contrast between price and volatility metrics. Volatility surged in the first two weeks of March as the price gained momentum.

However, both volatility and price declined in the latter weeks of March 2024. This drop in volatility indicates the crypto's stability at its current market price (CMP).

Social User Activity

Coreum's social dominance and social volume metrics gauge the activity of social media users discussing the cryptocurrency on platforms such as Telegram, Twitter, and Facebook.

Both curves have exhibited an upward trend in the past couple of months, indicating an increase in the number of users. This suggests growing popularity and awareness of Coreum.

Technical Analysis and Forecast

From a technical perspective, Coreum's key exponential moving averages (20-day and 50-day) present a neutral to bearish outlook. The price remains below both EMAs, which are aligned in a bearish manner.

At the time of writing, the RSI (Relative Strength Index) line hovered near 43.87 points, while the SMA (Simple Moving Average) line stood at 39.37 points. The RSI and SMA lines have both fallen below the mean line, further supporting the short-term bearish outlook.

Coreum Crypto Price Prediction for April 2024

For a bullish scenario, Coreum could potentially rally to a high of $0.177 if buyers can overcome the resistance of the 20-day and 50-day EMAs. Conversely, if the price falls below the support level of $0.133, a bearish target of $0.120 is plausible.

Conclusion

Coreum's price has displayed resilience, bouncing back from monthly lows, signaling buying interest. Despite facing resistance at the 20-day EMA, the price remains above the demand zone. Social metrics indicate increased user activity, suggesting growing popularity. Analysts predict a potential rally to $0.177 in April if resistance is breached, while a decline to $0.120 is possible if support breaks.

Technical Levels

Support Levels: $0.133 and $0.120

Resistance Levels: $0.153 and $0.177

Disclaimer:

The opinions expressed in this article are solely for informational purposes and do not constitute financial advice. Investing in cryptocurrency or stocks involves risk of financial loss.