Core On the Brink Of A Bullish Reversal Amid Improved SentimentsCore On the Brink Of A Bullish Reversal Amid Improved Sentiments
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Core price made a strong rebound after a short consolidation near the demand zone.
At the time of writing, Core was exchanging hands close to $1.17, registering an impressive 12% rise in intraday.
Core price gained traction and made a strong breakout after a short term consolidation near the demand zone. The bulls established their presence at the demand which triggered a breakout thus turning short term traders and investors optimistic.
At the time of writing, Core was trading close to $1.17 adding an impressive 12% in intraday. Moreover, the short term bullishness has led to a significant change in on-chain metrics: weighted sentiment curve which may lead the price higher.
However, despite the recent efforts, the long term trend outlook still points to a bearish side. Currently, the price is approaching a trendline resistance which has emerged as a hurdle for the bulls multiple times.
Let's analyze whether Core may surpass the hurdle and shine higher in the upcoming sessions or suffer again from the trendline resistance.
Weighted Sentiment Curve Highlights Bulls Domination
As per the data obtained from an on-chain analytics website app.santiment.net, a significant shift in the traders and investors sentiment was observed. The positive sentiments have surged amid the recovery in the broader markets.
The advancement in the positive sentiment has helped the weighted sentiment curve surpass the zero line and claim a bullish territory. The weighted sentiment curve has turned positive indicating the dominance of the investors with bullish biasness.
The sentiment data reflects the current biasness of the traders and investors. The positive sentiment highlights a bullish sentiment whereas a negative sentiment indicates a bearish stance. The weighted sentiment curve indicates the combined biasness of the traders and investors.
Can Core Surpass Hurdles And Shine Higher?
Moreover, the daily chart highlights the formation of a descending triangle pattern since mid April with the price correcting following the upper and lower boundaries of the pattern. On the lower side, the $0.85 level has been acting as a strong demand.
Recently, the short term trend outlook has shifted to bullish after Core price triggered a breakout after a short term consolidation. The price has surpassed the 20 and 50 day Exponential moving average indicating the domination of bulls in the short term.
At the time of writing, CORE was approaching a strong hurdle of 200 day EMA and a trendline resistance. A long term trend reversal may be validated if CORE price manages to surpass the hurdles.
On the contrary, if the price fails to overcome the hurdles and suffers lower, the bears may try to regain control over the trend and the price may show more downturns.
Core price surged 12% intraday to $1.17 after a breakout from short-term consolidation. However, the long-term trend still remained bearish, with price nearing trendline resistance. As per the on-chain data, the positive sentiment has increased, pushing the weighted sentiment curve into bullish territory.
Moreover, the daily chart shows a descending triangle pattern since mid-April, with $0.85 as strong demand. The short-term trend turned bullish as the price surpassed the 20 and 50-day EMAs. However, the 200-day EMA and trendline resistance are key hurdles. Failure to overcome these could see bears regain control and push the price lower.
