Despite the massive sell-off spree in the altcoins segment, the CORE price trend shows a massive surge. Swimming against the tide, the altcoin ranks amongst the top performers in the last 24 hours.
With the Bitcoin price back at $66,200, investors are looking for underrated altcoins, and the CORE price jump signals a similar approach in the market. As the rising demand leads to a massive jump, let’s determine if the altcoin will create a new all-time high.
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With a bullish turnaround in February, the CORE price rally gains momentum, fueling the ongoing rally. The bullish trend accounts for a 244% jump last week and continues with a 19.62% jump this week.
Currently, the altcoin trades at $3.1175 as it surpasses the $3 mark, and the market cap reaches the $2.74 Billion mark. Moreover, the surge in the trading volume of 60% supports the ongoing rally, increasing the chances of an uptrend continuation.
Looking at the entire chart, the bullish reversal creates a rounding bottom pattern with a neckline at an all-time high of $5. As a crucial resistance to psychological importance, the $5 breakout will be a bullish pivot for the CORE price trend.
Technical indicators:
Stochastic RSI indicator: The bullish reversal in CORE led to a revival in the stochastic relative strength. This leads to a bullish crossover in the K and D lines already sustained in the overbought zone.
Will the CORE Price Surpass $5?
As per the Fibonacci levels, the ongoing rally crosses above the 50% Fibonacci level, reflecting a trend reversal. Considering the growing momentum, the CORE price could easily hit the $5 mark this month.
If the reversal rally surpasses $5, the price action analysis expects a bull run to the next psychological barrier of $10. Additionally, the 1.618% Fib level at $8 could be an in-between pit stop.
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