- Ah, the CORE has gallantly surged past the $0.4775 resistance, like a soldier charging into battle.
- But alas, dear traders, this rally may be as fleeting as a summer romance, despite the booming trading volume.
In a remarkable twist of fate, Core [CORE] has soared a staggering 33% in a mere 11 hours, rising from the depths of $0.39 on March 29 to a dizzying $0.52 on March 30. This sudden spike has attracted a horde of speculative traders, eager to stake their claim in the tumultuous CORE markets.
According to the wise sages at Coinalyze, the Open Interest behind this token has ballooned by 116% in the last 24 hours. A veritable feast for the eyes, yet one must wonder: can this rally endure, or is it merely a mirage in the desert of despair?
As the higher timeframe charts remain steadfastly bearish, one cannot help but feel that such vigorous rallies over a weekend often signal a liquidity hunt, a game of cat and mouse where the mice are blissfully unaware of the lurking feline.
Why CORE Bulls Would Struggle
On the 1-day chart, CORE stands obstinately bearish, like a stubborn mule refusing to budge. Its recent rally has merely retested the $0.4775 resistance level, a level that once served as a bastion of support in February, and before that, in the distant past of February 2024.
The bearish retest of this long-term support/resistance level suggests that the Core DAO token price may soon plummet lower, much to the chagrin of hopeful investors. Yet, the trading volume over the weekend was alarmingly high, causing the On-Balance Volume (OBV) to surge toward the December highs, as if it were trying to escape the clutches of gravity.
Meanwhile, the RSI teeters on the brink of closing a daily session above the neutral 50, a tantalizing signal of a potential shift in momentum. But let us not be fooled; an uptrend is not necessarily imminent, and the higher timeframe trend must be respected, lest we fall victim to the siren call of FOMO.
On the H4 chart, we witness a clean rejection from the bearish order block of early March at $0.52. The price is currently retesting the $0.4775 level as support, but will it hold? The answer, my friends, is as uncertain as the weather in spring.
Quick gains over the weekend, when trading volumes are typically low, render the price action vulnerable to the whims of larger market participants, those shadowy figures pulling the strings behind the curtain.
The $0.378 level now looms as the next support to watch. A move beyond $0.52 would surely give CORE bulls something to chew on, perhaps even a morsel of hope.
The liquidation heatmap has illuminated the $0.5 region as a magnetic zone over the past month, a veritable black hole for liquidity. The recent price action has swept this liquidity pocket clean, leaving behind a stronger magnetic zone filled with short liquidations at $0.52.
Thus, it is likely that CORE will experience more volatility in the days to come. Another test of the $0.52-$0.53 area may present an opportunity for the brave souls willing to short-sell CORE, but beware, for the market is a fickle mistress.
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2025-03-31 08:12