Renowned crypto analyst CryptoBusy recently shared his insights on CORE in a post on X, highlighting a bullish cup and handle pattern. According to the analyst, this technical formation suggests a significant upward potential for the digital asset, sparking excitement and curiosity among traders and investors.
Core Blockchain, developed by CoreDAO, stands out as a pioneering platform that merges the strengths of Bitcoin (BTC) and Ethereum (ETH). According to analysts, CORE features an EVM-compatible Layer 1 blockchain with a unique consensus mechanism known as “Satoshi Plus.” This innovative mechanism combines delegated Proof of Work (dPoW) and delegated Proof of Stake (dPoS), aiming to harness the best aspects of BTC and ETH for enhanced security and efficiency.
The analyst highlighted that CoreDAO’s blockchain boasts over 250 million transactions and over 5 million active wallets, showcasing its rapid adoption and growing user base. Additionally, it has 125,358,572 CORE tokens delegated, with 23 out of 30 validators actively participating in the network. The total hash rate delegated ranges between 259 eh/s and 555 eh/s, equivalent to 62 Bitcoin blocks. These metrics highlight the robustness and scalability of the Core Blockchain, underpinning its potential for future growth.
According to a technical perspective, CORE’s price is currently near a demand zone, a critical area where traders typically initiate buying. The price remains above the 0.5 and 0.618 Fibonacci retracement levels from its swing low to swing high, which are crucial support points. Holding above these levels is essential to prevent further declines. However, if CORE’s price bounces from this support zone, it could form a substantial cup and handle pattern, indicating a potential bullish reversal.
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Fibonacci analysis reveals that if CORE’s price rebounds at the demand zone and breaks out of the handle formation, it could reach long-term targets between $7 and $10. This projection is contingent on Bitcoin maintaining its bullish trend, vital for CORE’s upward momentum.
CryptoBusy believes that CORE has strong potential to break into the top 30 cryptocurrencies, driven by Bitcoin’s current market influence. Almost all coins within the Bitcoin ecosystem are experiencing a surge, and CORE could follow suit.
CORE’s innovative technology and robust market potential make it a promising contender in the cryptocurrency space. Investors and analysts would closely monitor its progress to see if it could capitalize on these bullish signals and secure a spot among the top cryptocurrencies.
