CORE surges 70%, key indicator shows signs of incoming selloff

Core’s native token, referred to as CORE, stood out amongst the top 100 cryptocurrencies with the most significant price increase. However, an important signal suggests that the market may be becoming overbought.

In the last 24 hours, CORE has experienced a 70% increase and is currently priced at $2.8. This value hasn’t been reached since March 2023. The asset’s market capitalization has grown to an impressive $2.45 billion, placing it as the cryptocurrency with the 54th largest market cap.

CORE surges 70%, key indicator shows signs of incoming selloff

Notably, CORE is still down by 58% from its all-time high of $6.47 on Feb. 8, 2023. 

Additionally, CORE experienced a significant surge in daily trading volume, amounting to 145% more, totaling $433 million as per CoinMarketCap’s records. Approximately 40% of this volume can be attributed to OKX, reflecting strong investor trust in their trades.

Instead, the token may now be in the dangerously high zone, potentially leading it towards a bearish trend.

Based on Santiment’s information, the CORE RSI score for this asset jumped from a low of 30 on March 22 (marking the start of its bullish trend) to an impressive high of 91 at the current update.

The signaling tool suggests that CORE is currently in an overbought state or could potentially experience manipulation by large traders. Under such circumstances, heightened price instability may occur as investors look to cash in on short-term gains amidst market uncertainty.

Although the RSI of CORE is quite high, there are more investors expressing optimistic views towards it than pessimistic ones as indicated by a sentiment score of 1.71 from Santiment.

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2024-04-01 12:03