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In this analysis, I’ll be reviewing the CORE token. This project is one of the DeFi infrastructure developers for Bitcoin and also runs its own Layer 1 blockchain.
💥 The token currently holds a market cap of $826 million and is ranked 86th on CoinMarketCap.
⏳ 4-Hour Timeframe
As seen on the 4-hour chart, CORE is in an uptrend supported by an ascending trendline, with price consistently moving higher along it.
✅ In the last bullish leg, price only managed to retest the previous high around 0.8727 and is now undergoing a pullback.
⚡️ This shows signs of weakness in the bullish momentum. If the price fails to close above 0.8727 and drops back to the trendline, the risk of a trendline breakdown increases.
🔍 There’s also the potential for price to form equal highs and higher lows, forming an ascending triangle, which would favor a bullish breakout scenario.
🔑 Watch the RSI oscillator closely. Historically, every time RSI reached the 70 zone during a bullish move, the trend topped out and reversed. So if RSI manages to break above 70 this time, it could trigger a much stronger bullish leg.
📈 For a long position, potential entries include a breakout above 0.8727 or a bullish bounce off the ascending trendline.
🔽 For a short position, the first trigger would be a break of the trendline and activation of the 0.7560 support zone.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
In this analysis, I’ll be reviewing the CORE token. This project is one of the DeFi infrastructure developers for Bitcoin and also runs its own Layer 1 blockchain.
💥 The token currently holds a market cap of $826 million and is ranked 86th on CoinMarketCap.
⏳ 4-Hour Timeframe
As seen on the 4-hour chart, CORE is in an uptrend supported by an ascending trendline, with price consistently moving higher along it.
✅ In the last bullish leg, price only managed to retest the previous high around 0.8727 and is now undergoing a pullback.
⚡️ This shows signs of weakness in the bullish momentum. If the price fails to close above 0.8727 and drops back to the trendline, the risk of a trendline breakdown increases.
🔍 There’s also the potential for price to form equal highs and higher lows, forming an ascending triangle, which would favor a bullish breakout scenario.
🔑 Watch the RSI oscillator closely. Historically, every time RSI reached the 70 zone during a bullish move, the trend topped out and reversed. So if RSI manages to break above 70 this time, it could trigger a much stronger bullish leg.
📈 For a long position, potential entries include a breakout above 0.8727 or a bullish bounce off the ascending trendline.
🔽 For a short position, the first trigger would be a break of the trendline and activation of the 0.7560 support zone.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💥 Don’t Miss Out!
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Best Crypto Exchange: bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.