Channel Breakout In CORE DAO Paints A Target At $3

CORE DAO records a near 80% rally within three weeks, having completes a V-shaped reversal, with the bulls looking to sustain the run for a push toward $3 this week.

Amid the bullish rally engineered by altcoins, CORE DAO takes the place among top performers with its ongoing recovery rally. Offering a breakout entry opportunity to retail buyers, the altcoin, currently trading above the $1.50 psychological mark, is ready for a post-retest jump.

With the streak of lower high formation coming to a potential end, the CORE price aims for a 2x price surge. Will the breakout rally reach the $3 mark in the coming month?

CORE Above $1.50 Breaks the Bearish Trendline in Action

Despite the bull run of almost 600% in early 2024, CORE took a bearish reversal from the 52W high at $3.77. Further, the bearish phase led to a falling channel pattern in the daily chart and dropped CORE under $1 to the $0.85 support level, a 77% decline.

However, the bullish reversal accounts for an 82% rise and breaks above the resistance trendline of the falling channel. The bullish achievement ends the lower high formation and signals a breakout entry opportunity.

Currently, the altcoin trades at $1.536 with an intraday fall of 3.89%. Further, it warns of an evening star pattern as it retests the broken trendline in confluence with the 100D EMA.

The bullish recovery surpasses all the crucial daily EMAs (20,50, 100, 200) and sustains above the $1.50 mark. Further, the daily RSI maintains a positive trend but experiences a minor downtick near the overbought zone at 70%.

CORE OnChain Numbers Reveal Stronger Network

With the bullish recovery, the network strength of CORE DAO improves with the market price. In a recent post, CORE announced that its TVL over the network has surpassed the $150M milestone. As of now, the TVL stands at $165M per DefiLlama.

CORE TVL

Furthermore, the unique addresses over the network are close to approaching the 20M milestone. Currently, the data at CoreDAO reveals 19.552M unique addresses.

Will The Breakout Rally Pump CORE To $3?

With the EMAs on the verge of bullish crossovers and RSI near overbought, the channel breakout in CORE will likely pick up pace with a broader market recovery. As per the trend-based Fibonacci levels, the 78.60% Fibonacci level comes out to be the next potential target level at $3.885.

If things go south, a crack under the 100D EMA will result in a nosedive to the $1.35 mark.