Core DAO crypto has recently experienced a significant downturn, breaking below crucial support levels and indicating a bearish sentiment in the market. The fear and greed index for Core DAO crypto currently shows greed among investors, which may have contributed to the recent price decline. Despite a 100% price increase in the last year, the recent market movements have been unfavorable for Core DAO.
Core is an L1 blockchain that is compatible with Ethereum's EVM and runs on the unique Satoshi Plus consensus mechanism, combining elements of Bitcoin's mining hash and DPoS. Launched in January 2023, Core aims to solve the blockchain trilemma and is governed by a decentralized autonomous organization (DAO). While the developer identities remain undisclosed, the project has garnered significant support within the crypto community.
In the past 24 hours, the market cap and trading volume for Core crypto have both declined. The market cap saw a 6.3% decrease, while the trading volume dropped by 8.4%. As per CoinMarketCap, Core DAO ranks 64th in terms of market cap and holds a market cap dominance of 0.06% in the global cryptocurrency market.
The value of derivatives trading volume for Core DAO has also witnessed a decline of 16.4% in the last 24 hours, signaling reduced trading activity in derivative markets. The long/short ratio stands at 0.9077, with a significant long liquidation of $71.78K occurring within the same time frame. The open interest of the crypto has decreased by 6.4%, reflecting a decline in investor interest.
On a technical analysis front, a symmetrical triangle pattern can be observed on the daily chart of CORE. However, the price of the crypto has broken down below this pattern, signaling a bearish trend. Despite achieving certain highs, CORE is currently trading 75.8% below its all-time high price from a year ago. The crypto has experienced a 63% decline since recording profits from the swing high of $4.2979, further confirming bearish dominance in the market.
The price of CORE has dropped below the 50-day EMA, while the 50-day and 200-day EMAs are in a golden cross formation on the charts. Despite this, the declining price behavior indicates weakness in the trend. The MACD indicator also shows signs of weakness, with metrics trading in a bearish cross below the zero level. Additionally, the RSI has declined below the 50-level on the daily chart, with a value of 38.85, further confirming bearish sentiment.
In summary, Core (CORE) crypto has faced a significant downturn, breaking below crucial support levels and indicating bearish sentiment in the market. The decline in market cap, trading volume, and derivative trading activity, coupled with bearish technical indicators, point towards continued weakness in the CORE market. The support levels for CORE crypto are $0.540 and $1.190, while the resistance levels are $2.860 and $3.70.
It is important to note that this article is for informational purposes only and does not provide any financial or investment advice. Readers are encouraged to conduct their own research and due diligence before making any financial decisions in the cryptocurrency market.
