CORE, the native token of the layer-1 Core ecosystem, has surged to become the top performer among the top 100 cryptocurrencies, with a key indicator signaling potential overbought conditions.
In the past 24 hours, CORE has seen a remarkable 70% increase in value, currently trading at $2.8, a level not seen since March 2023. The token’s market cap has also experienced a significant boost, reaching $2.45 billion, placing it as the 54th largest cryptocurrency.
While CORE has shown impressive gains, it is still down by 58% from its all-time high of $6.47 on Feb. 8, 2023.
On the trading front, CORE’s daily trading volume has seen a substantial increase of 145%, totaling $433 million. Notably, 40% of CORE’s trading volume is attributed to OKX, indicating high investor confidence in their trading decisions.
Despite its strong performance, CORE is currently in the overbought zone, which could potentially lead to a bearish trend. The Relative Strength Index (RSI) for CORE has climbed from 30 on March 22 to 91, indicating overbought conditions or possible whale manipulation. With these factors at play, increased price volatility is expected as investors may seek short-term profits amidst uncertain market conditions.
Interestingly, despite the high RSI, the sentiment among investors towards CORE remains positive, slightly outweighing negative sentiment. According to Santiment, the asset’s weighted sentiment stands at 1.71.
In conclusion, CORE’s recent price surge and trading activity highlight its growing popularity among investors, but caution is advised due to the token’s current overbought status and potential market uncertainties.