Are Bulls Gaining Traction In Coreum Price Or Bears Keep On?The Coreum price faced a strong selling pressure from the upper supply zone and has loomed near the monthly low.
The coreum price currently trades at $0.139 reporting a positive intraday development of 2.80%.
The Coreum price jumped higher intraday from the monthly low value indicating the presence of buyers at the lower levels. At the time of writing, the COREUM price was up nearly 2.80% and was trading close to 0.139 USD.
Earlier this week also, the crypto experienced a buying from the same monthly low value. However, the bullish momentum faded away when the price hit the 20 day EMA. The price dropped to the same demand zone after a strong bearish candle was noted on the daily chart.
On the higher side, the key EMAs of 20 day and 50 day are acting as a dynamic resistance and are preventing the price from drawing further upward trajectory. The bulls need to surpass the dynamic resistance in order to reverse the short term trend.
Furthermore, the short term trend has turned slightly bearish after a continuous selloff from the recent supply in the last few weeks. However, there is still some hope left for the bulls as the coreum price still hovers above the monthly low value which is also the recent demand zone.
Coreum Crypto Volatility Analysis
The volatility of coreum crypto measures the fluctuation in the price. The above chart describes a contrast between the price and volatility metrics. As per the chart the volatility surged in the first two weeks of March as the price gained traction.
However, the volatility as well as the price experienced a drop in the later weeks of March 2024. The drop in volatility shows the stability of the crypto at the CMP.
Coreum Crypto: Social Users Are Increasing!
The social dominance and social volume are the metrics that depict the current activity of the social users about the Coreum crypto. It includes the users over the various social platforms like Telegram, Twitter, Facebook etc.
The social volume and social dominance curve display a positive trajectory in the last couple of months indicating an increment in the number of users. The rise in the number of users suggests the increasing popularity and awareness of the crypto. It indicates a long term growth in the crypto.
Technical Indicators Imply a Mixed Outlook.
From a technical point of view, the COREUM crypto showcases a neutral to bearish outlook as per the key exponential moving averages of 20 and 50 days. The price hovers below both the 20 and 50 day EMA and both the EMAs are aligned in a bearish way.
At the time of writing, the RSI line was hovering close to 43.87 points and that of the SMA line was placed at 39.37 points. Both the RSI and SMA line have withdrawn below the mean line indicating a bearish outlook in the short term.
Coreum Crypto Price Prediction April 2024.
On the most optimistic note, Coreum crypto could gain to a high of $0.177 as the highest value in April if the bulls are able to surpass the recent dynamic resistance of 20 and 50 days. On the other hand, the most pessimistic prediction of our analysts is for the price to reach $0.120 if it breaks below the recent support level of $0.133.
Conclusion.
Coreum's price has shown resilience, bouncing back from monthly lows, signaling buyer interest. At the time of writing, the Coreum price up by 2.80% and was trading around $0.139. The price faced resistance at the 20-day EMA, leading to a drop back to the demand zone.
Overcoming the 20 and 50-day EMA resistance is crucial for reversing the short-term trend bearish trend. Social metrics on platforms like Telegram and Twitter show increased user activity, hinting at Coreum's growing popularity. As per the positive view of our analysts, the Coreum price could rise to $0.177 in April if resistance is breached.
Technical levels:
Support levels: $0.133 and $0.120
Resistance levels: $0.153 and $0.177
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
