After Recent Spikes, How Far Away Is CORE from the $1 Mark?

• CORE is trading around $0.82 after posting a 3% spike.
• Daily trading volume has soared by over 44%.

A brief bearish wave has kicked off and is riding across the crypto market, with assets falling in mixed signals. A steady bullish shift could drive the prices into green territory. Among the altcoins, CORE has emerged as the top gainer, posting a spike of 3.01%. 

CORE opened the day trading at around $0.80. Later, the asset visited its daily low of around $0.7495. After breaking through the crucial resistance zones at $0.7684 and $0.8073, the price has ascended to a peak range of $0.8229. 

At the time of writing, CORE traded around the $0.8203 range, with its market cap reaching $822 million. Moreover, the asset’s daily trading volume has increased by over 44.62%, touching $30.9 million, as per CMC data.

CORE has registered a solid 39.82% gain over the last thirty days. The asset began the month trading at the $0.58 level, and gradually, it hit the monthly high of $0.8765. 

What is Ahead for CORE’s Price Action?

CORE’s four-hour trading pattern reflects a weak momentum. The price could likely fall back to the $0.8040 range. More intense correction on the downside of the asset might initiate the death cross to form and send the price toward its previous low at the $0.78 mark.

In case of the bulls taking charge, it could reclaim the lost dominance. The price might find its key resistance at the $0.82 range. Upon clearing the crucial resistance zone, CORE may trigger the emergence of the golden cross, pushing the price toward $0.8422. 

The Moving Average Convergence Divergence (MACD) line is above the signal line, indicating that the positive momentum is building. However, since both lines are still below the zero line, the overall trend remains bearish. This is considered a potential early-stage recovery. 

Besides, CORE’s Chaikin Money Flow (CMF) indicator, positioned at -0.05, suggests the outflow of money and slight selling pressure in the market. If it continues to drop further below zero, it could signal growing bearish sentiment.

In addition, the Bull-Bear Power (BBP) value of 0.0302 hints that the bulls have a slight dominance over the bears. CORE’s daily relative strength index (RSI) of 54.55 points out the neutral to slightly bullish sentiment. The market is relatively balanced, with potential for movement in either direction.

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