CORE DAO has seen a nearly 80% gain in three weeks, completing a V-shaped reversal, with bulls looking to sustain the move and reach $3 this week.
Amid the altcoin-driven bull run, CORE DAO is among the leaders with its ongoing recovery rally. Offering a breakout entry opportunity for retail buyers, the altcoin, currently trading above the psychological $1.50 mark, is poised to surge after a retest.
With the streak of lower highs coming to a potential end, CORE is looking for a 2x price rally. Will the breakout rally reach $3 next month?
CORE Above $1.50 Breaks Bearish Trendline in Action
Despite a nearly 600% bull run in early 2024, CORE made a bearish reversal from the 52W high at $3.77. Furthermore, the bearish phase resulted in a falling channel on the daily chart and pushed CORE below $1 to the $0.85 support level, a decline of 77%.
However, the bullish reversal explains the 82% rally and breaks the trend resistance line of the falling channel. The bullish success completes the formation of a lower high and signals an opportunity to enter the breakout.
The altcoin is currently trading at $1,536 with an intraday drop of 3.89%. It is also warning of an evening star pattern as it retests the broken trendline converging with the 100D EMA.
The bullish recovery is above all important daily EMAs (20.50, 100, 200) and is holding above the $1.50 mark. In addition, the daily RSI maintains a positive trend but is experiencing a slight dip near the overbought zone at 70%.
CORE OnChain Numbers Show Stronger Network
With the bullish recovery, CORE DAO’s network strength is improving along with the market price. In a recent postCORE announced that its network TVL has surpassed $150 million. The current TVL is $165 million. DefiLlama.
Moreover, the unique addresses on the network are approaching the 20 million mark. Currently, the data on CoreDAO reveals 19.552 million unique addresses.
Will CORE’s Breakout Rise to $3?
With the EMA on the verge of bullish crossovers and the RSI near overbought, a channel breakout at CORE is likely to accelerate with a broader market recovery. According to trending Fibonacci levels, the 78.60% Fibonacci level becomes the next potential target level at $3,885.
If things go badly, a crack below the 100D EMA would lead to a sharp drop to the $1.35 mark.
