CORE Price Poised for Rally Following Recent Surge
CoinChapter.com – In a surprising turn of events, Core DAO’s CORE token defied the market trend on April 15, experiencing a rally of over 100% and reaching a daily high of approximately $2.9. However, the gains were subsequently reduced as profit-taking by bearish investors, who likely followed the “buy the rumor, sell the news” trading strategy, took place.
The recent surge in the native token of the blockchain platform can be attributed to technological updates and partnerships within its ecosystem. The Core DAO team anticipates that these recent developments will not only improve the functionality of the Core Chain but also enhance its market position. It is worth noting that CORE price demonstrated resilience following the recent cryptocurrency market price crash.
One significant contributing factor to the recent rally was the announcement of the launch of Colend on April 16. Colend is a borrowing and lending protocol operating within the Core Chain ecosystem. By leveraging the Core Chain’s infrastructure, Colend ensures transparency and security in transactions. The protocol features multiple liquidity pools with dynamic interest rates based on supply and demand. Furthermore, Colend introduces a flexible collateral system, which has the potential to increase user engagement and investment on the platform.
Another notable development is the partnership between HTX Ventures and the Core Venture Network. This partnership will provide strategic assistance, financial support, and advisory services to Core Chain developers. As a result, it is expected to stimulate development activity and attract potential investors to the project.
The launch of Colend enhances liquidity management and user experience on the Core Chain, while the partnership with HTX Ventures ensures ongoing growth and support for the ecosystem.
Additionally, the upcoming Bitcoin halving event may have contributed to the rally in CORE price. This is especially significant considering that the project recently introduced a non-custodial Bitcoin staking service called coreBTC.
It is important to highlight that despite the profit-taking that occurred, CORE has formed a bullish technical pattern known as the “falling wedge.” This pattern, characterized by two converging trend lines, suggests a potential upward reversal. Typically, traders set a price target for this pattern by adding the widest distance between the trend lines at the pattern’s inception to the breakout point.
The confirmation of a breakout with significant volume indicates a strong market conviction and increases the likelihood of the trend continuing. A high-volume breakout confirms the strength and commitment behind the price movement, distinguishing it from a fluke.
Based on technical analysis, if the falling wedge pattern materializes, the CORE price could surge by approximately 219% and reach a theoretical price target of around $7.4.
