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- On the daily chart, the core cryptocurrency market structure is still in a downtrend.
- The 32% gain recorded earlier this week could lead to a slight decline.
The CORE cryptocurrency is once again on a bullish trajectory after breaking through the psychologically important $1 resistance level. The trend and volume were also favorable for buyers.
A retest of the $1 region would provide a buying opportunity. There is a possibility of another 30% upside for the Core crypto.
The long-term core cryptocurrency downtrend continues.
Source: CORE/USDT on TradingView
The daily MACD has crossed the neutral zero line, indicating a change in momentum. Volume has been steadily increasing along with price since September 16.
This was a positive sign in the short term, increasing the potential for more profits.
The Directional Movement Index shows that a bullish trend is beginning. Both +DI (green) and ADX (yellow) are above 20, reflecting a strong uptrend in progress.
The indicators and price action have been bullish for the next few days, but the long-term downtrend has not stopped. A retest of the $1 zone could provide a buying opportunity targeting $1.27.
The gift data is consistent with the bullish outlook.
Source: Coinglass
Open Interest has been in a downward trend since late July. It started to rise in the last week of August and has been rising again in the last few days.
OI rose from $10.46 million to $15 million from September 17 to 20. This was accompanied by a price increase of 23.25%, showing that speculators are willing to take long positions.
Source: Coinglass
The OI weighted funding ratio fell deep into negative territory on September 16. The next day it rose back into positive territory and the price also began to recover.
Read CORE Price Forecast 2024-25
This shows that speculators are entering long positions.
The gift data showed that sentiment was bullish in the short term. A slight drop to $1 could provide a buying opportunity, with the price rebounding to $1.27.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.