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- The basic cryptocurrency market structure on the daily chart remained bearish.
- The 32% gains recorded earlier this week could see a slight retracement.
The Core (CORE) cryptocurrency was on a bullish trajectory again after breaking above the $1 resistance zone, which was also a psychologically important level. The trend and volume were also in favor of the buyers.
A retest of the $1 area would present a buying opportunity. Another 30% upside could be on the cards for the Core cryptocurrency.
Core Cryptocurrencies’ Long-Term Bearish Trend Is Unbroken
Source: CORE/USDT on TradingView
The daily MACD has crossed the neutral zero line, indicating a change in momentum. Since September 16, trading volume has been steadily increasing in parallel with price.
This was a positive sign in the short term and increased the chances of further gains.
The Directional Movement Index showed that an uptrend was beginning. The +DI (green) and ADX (yellow) were both above 20, reflecting a strong uptrend in progress.
Indicators and price action have shown a bullish trend for the coming days, but the long-term bearish trend has not stopped. A retest of the $1 area could provide a buying opportunity targeting $1.27.
Futures data confirms bullish outlook
Source: Coinglass
Open Interest has been declining since late July. It spiked in the last week of August and has spiked again in the last two days.
The OI rose from $10.46 million to $15 million between September 17 and September 20. This was accompanied by a 23.25% price increase and showed that speculators were willing to take long positions.
Source: Coinglass
The OI-weighted funding rate fell into negative territory on September 16. It rose back into positive territory the next day and prices also started to recover.
Read Core (CORE) Price Prediction 2024-25
This showed that speculators were entering long positions.
Futures data showed that in the short term, sentiment was bullish. A slight dip to $1 would present a buying opportunity that could lead to a rally to $1.27.
Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and represents the opinion of the author only.
