CORE price could rise further after recent surge
NOIDA (CoinChapter.com) — Core DAO’s CORE token enjoyed a wave of anti-market gains on April 15, rising by more than 100%, reaching a high of around $2.9 per day. However, the CORE price fell back as bears took profits following the “buy rumors, sell news” trading model. Of course, technological updates and partners in the ecosystem helped the blockchain platform’s native token to rise. In addition, the Core DAO team expects recent developments to enhance the functionality and market position of Core Chain. The CORE price rebounded strongly from the recent crypto market price plunge.
Partnerships and developments drive CORE price up
One of the main factors contributing to the recent rally is the launch of Colend on April 16. The protocol is a lending protocol on the Core Chain ecosystem. Colend leverages Core Chain’s infrastructure to ensure transactions are transparent and secure.
The Colend protocol has multiple liquidity pools that dynamically adjust interest rates based on supply and demand. In addition, Colend introduces a flexible collateral system, which may increase user participation and investment in the platform.
Additionally, another important development is Core Venture Network’s partnership with HTX Ventures.
The partnership with HTC will provide strategic assistance, financial support, and consulting services to Core Chain developers. As a result, this could lead to increased development activity, potentially attracting investors to the project.
The launch of Colend enhances Core Chain’s liquidity management and user experience, while the HTX Ventures partnership provides continued growth and support for the ecosystem.
Additionally, the upcoming Bitcoin halving may also have contributed to the rise in CORE’s price, as the project recently launched a non-custodial Bitcoin staking service called coreBTC.
Core Chain Token Shows Bullish Pattern
Notably, even though profit-taking trimmed CORE’s gains, the coin formed a bullish technical pattern known as a “falling wedge,” which could attract buyers into the market.
Historically, the intersection of two trend lines has formed a falling wedge pattern. This pattern occurs when an asset price forms lower lows and lower lows that are steeper than the highs. Therefore, this pattern usually hints that a reversal of the uptrend may be coming.
Traditionally, traders determine the price target for a pattern by adding the maximum distance between trendlines at the time the pattern formed to the breakout point.
It is important to note that when a breakout occurs on high volume, it indicates strong market confidence. This increases the likelihood that the trend will continue. A breakout on high volume is very important because it confirms the strength and commitment behind the price movement and shows that the breakout is not a fluke.
Most importantly, according to the rules of technical analysis, if this pattern takes shape, the CORE price could surge nearly 219% to reach $7.4 near the theoretical price target.