2.8 C
Munich
Monday, December 2, 2024

Core’s Rollercoaster Week: Can Dual-Staking Rewards Fuel a Breakout Above $0.90?

Must read

Core (CORE) has experienced a turbulent week, with its price decreasing by 4.43% over the last seven days. Currently priced at $0.8637, Core holds a market cap of approximately $793.43 million, showing a decrease of 5.74% in market cap over the week. The token’s 24-hour trading volume is $37.33 million, reflecting a 19.85% decrease, indicating some decline in trading activity as the price faced challenges breaking past resistance levels. Core’s Fully Diluted Valuation (FDV) stands at $1.81 billion, and its circulating supply is near its total supply of 2.1 billion CORE tokens.

Core Weekly Price Movement:

  1. October 26: The week started on a high note with Core briefly touching a peak of $0.9039. This price surge likely benefited from broader positive sentiment in the crypto market, with many altcoins seeing slight upward movement. However, the price couldn’t sustain this peak and quickly fell back.
  2. October 27 – 29: The token’s price fluctuated within the $0.85 – $0.90 range. This period saw relatively low volatility as traders seemed cautious about pushing the price significantly higher. The reduced trading activity reflected market indecisiveness, potentially driven by broader uncertainty in the crypto sector.
  3. October 30 – 31: Core saw a brief rally, with the price climbing back above $0.90. This increase might have been influenced by positive social sentiment or news regarding Core’s dual-staking rewards program, as highlighted by crypto influencer Lark Davis on social media. The program offers users incentives to increase Total Value Locked (TVL), which could positively impact Core’s price in the long term.
  4. November 1: Following the rally, Core’s price experienced selling pressure, dropping back to $0.8637. This decline might be attributed to short-term profit-taking by traders who capitalized on the rally. Additionally, the reduced trading volume suggests that fewer buyers are entering the market at these price levels, contributing to Core’s inability to maintain gains.

Volume and Market Sentiment: Core’s trading volume over the past 24 hours is down 19.85%, with a volume-to-market cap ratio of 4.67%, indicating moderate trading activity. Community sentiment on Core remains overwhelmingly positive, with 88% of voters expressing a bullish outlook, driven by Core’s staking incentives and limited supply.

The discussion led by crypto influencer Lark Davis, who highlighted Core’s dual-staking program, has generated additional interest. According to his post, Core’s staking incentives could attract more investors, as the rewards for staking will grow with every $100 million increase in TVL. This dual-staking feature may positively affect Core’s future price movements by attracting long-term holders interested in staking rewards, rather than short-term traders looking for quick gains.

Related Reading: What’s Driving the 14,575% Surge in Shiba Inu’s Burn Rate?

Core Key Metrics:

  • Market Cap: $793.43 million (down by 5.74% over the week)
  • Trading Volume (24h): $37.33 million (down by 19.85%)
  • FDV: $1.81 billion
  • Circulating Supply: 918.65 million CORE

Analysis & Future Outlook: The past week’s movements show Core facing significant resistance at the $0.90 mark, with attempts to surpass this level met by selling pressure. The staking incentives could bolster demand, especially if TVL continues to increase, as more investors may find dual-staking rewards attractive. However, the market’s broader sentiment and Core’s ability to sustain momentum will be crucial in determining future price trends.

Looking ahead, Core’s price could see further upside if it manages to break through and sustain above $0.90. Conversely, a continued downtrend may lead to a retest of support levels around $0.85, with the next key support level near $0.80.

Conclusion: Core has had a challenging week, facing resistance while trying to break past the $0.90 level. The dual-staking rewards program has sparked some positive sentiment, as evidenced by social media discussions. However, Core’s performance remains uncertain in the short term, with key resistance and support levels to watch closely. Long-term holders might be incentivized by the dual-staking rewards, but short-term traders are advised to proceed with caution, given the current market volatility.

- Advertisement -spot_img

More articles

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article