Experiencing a bullish momentum, Core [CORE] crypto managed to break through the crucial $1 resistance level, a significant milestone both technically and psychologically. The uptrend, coupled with substantial trading volume, favored the buyers in the market.
An opportunity for purchasing may arise with a potential retest of the $1 level, hinting at a possible 30% upward movement for Core crypto in the near future.
Prolonged Downward Trend of Core Crypto Remains Uninterrupted
Recent developments, such as the daily MACD crossing above the neutral zero line, signaling a shift in momentum, in addition to escalating trading volume since September 16th, have been supporting the price surge.
This optimistic short-term outlook indicates a higher likelihood of further price advancements.
The Directional Movement Index suggests an emerging bullish trend, with both the +DI (green) and ADX (yellow) surpassing the 20 marks, indicating a robust uptrend unfolding.
Despite the positive indicators and price actions pointing towards potential gains in the coming days, the enduring bearish trend remains unchanged. A retest of the $1 range could serve as a strategic entry point for investors eyeing a target of $1.27.
Positive Futures Data Corroborates the Bullish Perspective
The Open Interest witnessed a downward trend since late July, with a notable surge by the end of August and a subsequent spike in the last few days, climbing from $10.46 million to $15 million between September 17th and 20th, concurrently with a 23.25% price upsurge. This ascent signifies an inclination towards long positions among speculators.
The OI-weighted funding rate delved into negative territory on September 16th, only to bounce back into positivity the following day, aligning with the price recovery observed.
These movements suggest an influx of speculators opting for long positions in the market.
Based on the Futures data, a bullish sentiment prevails in the short term. A prospective dip to $1 could present a buying opportunity, potentially leading to a price resurgence towards $1.27.
Disclaimer: The opinions expressed in this article do not constitute financial, investment, or trading advice; they solely represent the author’s viewpoint.