Core Price Plummets, Investors In Panic: Time To Sell?Core Price Plummets, Investors In Panic: Time To Sell?
Core price has loomed nearly 28% this week erasing the previous gains and widening the losses.
The weighted sentiment curve entered a bearish zone triggering a panic among the investors.
Core price closed the third consecutive month in red extending the losses of the investors from the last couple of months. All the short term recovery attempt was taken as an opportunity for the bears to sell and the price suffered.
As of now, the Core price has reached closer to annual low which may act as a potential support for the crypto. However, the recent selloff has weakened the sentiments of the investors in the cryptocurrency.
Let's analyze and try to find whether Core may head for a recovery this month or it's time to exit it as worse is on the horizon.
Core investors In Panic After Weighted Sentiment Curve Enters Bearish Territory
At the time of writing, Core was exchanging hands close to $0.90 recording a moderate intraday gain of 4.42%. However, the intraday rise does not seem to be adding much impact on the investors sentiment which has now turned bearish.
Source: app.santiment.net
As per Santiment, an on-chain analytics provider, the negative sentiment dominated the positive ones in the recent sessions. As a result the weighted sentiment curve shifted its territory below zero line in the bearish zone.
The weighted sentiment curve reflects the combined bias of the traders and investors whether it is bullish or bearish at the moment. For Core, in tandem with the recent selloff, the metrics has shifted to the bearish side which could trigger a panic selling in the crypto.
Moreover, Core was built to create an infrastructure that could operate web3. It is able to run Ethereum smart contracts and decentralized applications (dApps). It ranks 71st in the crypto space with a live market capitalization of $822.64 Million.
What Should Core Investors Expect In September?
The recent selloff has dragged Core price near the annual lows of $0.86. The annual lows of $0.86 has acted as a strong demand so far, as the price has taken multiple support from it.
On the higher side, Core was observed to be respecting a trendline as a resistance suffering multiple rejection from it. Due to the domination of bulls near the annual low and bears domination near the trendline resistance, Core price is expected to stay in the range as of now.
The $0.86 may serve as the lower boundary of the range whereas the $1.24 level may act as the higher boundary of the range formed. The price may remain sideways until it is maintained in the range.
A breakdown or breakdown may indicate a clear trend in the crypto. The bearish outlook may shift to bullish if the price manages to surpass the resistance of $1.24 level. whereas, the bearish dominance may prevail if lower support is breached.
Core price has been on a declining trend for the last three consecutive months. Short-term recovery attempts have been met with selling pressure. Moreover, the weighted sentiment curve has shifted to bearish territory indicating the domination of sellers.
The price analysis suggests a range-bound movement between $0.86 and $1.24. A breakout above $1.24 could shift the outlook to bullish, while a breakdown below $0.86 would reinforce bearish dominance. For now, the price is expected to remain sideways within this range.
