- On the daily chart, core crypto’s price structure remained negative.
- It is possible that the gains of 32% posted in this past week will see some retracement.
Core [CORE] Crypto was once again on a bullish path after it broke past the $1 support zone. This was also an important psychological level. Buyers were boosted by the upward trend of volume and price.
The $1 price region could be the next buying opportunity. A further 30% rise could be in the works for Core Crypto.
Core Crypto’s long-term downtrend remains unbroken
This is a sign of a new momentum. The MACD daily crossed over the zero neutral line. Trading volume along with the price has been steadily increasing since September 16th.
The short-term positive signs increased the likelihood of further gains.
Directional Movement Index indicated that bullish trends were beginning. The ADX (yellow), and +DI, both of which were over 20, indicated a significant uptrend.
Indicators and price movement showed bullishness in the next few days. However, the downtrend on a long-term basis hasn’t stopped. The retesting of the $1 level could be a great opportunity to buy at $1.27.
Futures data supports bullish outlook
Since late July, the Open Interest is in a downward trend. The Open Interest spiked in the last week of August, and has continued to increase over the past few days.
Between the 17th and 20th of Sept, OI increased by $10.46m to $15m. The price rose by 23.25 %, showing that the speculators are willing to take a long position.
It fell into negative territory the 16th September. On the 16th, it rose into positive territory. next Day, prices began to improve.
You can read more about it here Core’s [CORE] Price Prediction 2024-25
The speculators had taken long positions.
Futures data indicated that the market sentiment in the near term was bullish. It is possible that a minor price drop to $1 could be an opportunity to purchase, which would lead to a price rise of $1.27.
Disclaimer: This information is not intended to be a comprehensive guide. financialThe writer is not providing any investment or trading advice.
“This article is not financial advice.”
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Source: ambcrypto.com