Coreum is an open-source project created and designed to be 100% community-based, facilitating this technology to support ample future growth possible in decentralized applications (dApps) and DeFi among the entire blockchain ecosystem.
It has been built directly by the Sologenic Development Foundation. With the on-chain governance feature, the Coreum community can even make a decision on protocol changes and could also define the blockchain’s future.
Coreum Crypto Technical Analysis on 1-D Time Frame
The COREUM crypto earlier exhibited a strong sign of resurgence as the price rebounded from the pivotal level of around $0.09000.
Even, the COREUM asset has demonstrated strong bullish behavior earlier and advanced to the end of the room. It marked good performance last quarter wit a 93.18% spike which implied a robust upward direction in the past price.
However, the crypto after reaching the end of the room met with resistance and displayed a sign of decline as the price fell continuously from a critical level of around $0.33000 on the charts.
Furthermore, the COREUM asset is showing bearish traits and can lose more value. It has demonstrated poor performance in the past week, and past month by 22.33% and 26.64% respectively, indicating a reliable downward trend.
Now, it looks like, the COREUM crypto is set for a dismal plunge, as it fails to break the resistance level of trendline and sinks to new lows from the current level. As per the Fibonacci, the price tried to stabilize at Fibo 0.618 but the pressure was dominatingly high and slipped below and approaching the Fibo 0.786 level.
Furthermore, the CORREUM asset is exhibiting bearish weakness and falling capacity as it slides below major 20, and 50-Day EMAs, and at the immediate support level and trading at $0.16030 with an intraday loss of 1.32% in the last 24 hours.
Therefore, if COREUM takes the follow-up run from the immediate support level for the upside, then it could rise and reach $0.20000. But, the downward pressure is high, and if crypto breaks the immediate level, it could decline to $0.13400 and beyond.
The COREUM crypto asset is showing bearish momentum as MACD shows a strong bearish cross with a broadening histogram and the RSI is falling steadily by facing rejection from 14 SMA, indicating that the COREUM asset is not gaining steam for the upside yet and can continue to drop lower.
Summary
The CORREUM asset is exhibiting bearishness and could fall further. It has demonstrated poor performance in the past week, and past month by (-22.33%) and (26.64%) respectively, indicating a reliable downward trend.
Therefore, if COREUM takes the follow-up run from the immediate support level for the upside then it could rise and reach $0.20000.
Technical Levels
Support Levels: $0.13400
Resistance Levels: $0.20000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/23/coreum-crypto-will-it-survive-the-fall-or-continue-to-plummet/