Cryptocurrency has been on a bearish trend for the past two months, with no hope of a bull market in sight. CORE DAO is no exception, with its price slipping down to a mere $1.70 USD today.
This decrease has been observed across exchanges, with a 24-hour trading volume of just $15,898,233 USD and the current CoinMarketCap ranking falling to #194. With the increasing circulation of 77,253,470CORE coins and a maximum supply of 2,100,000,000 coins, it’s no wonder that investors are becoming more and more wary of investing in the cryptocurrency.
$CORE & Bearish Market
If you’ve been following cryptocurrency lately, then you’ve noticed a particular bearish trend of CORE DAO prices. CORE DAO is a decentralized autonomous organization (DAO) that leverages blockchain and smart contacts to offer investment and financial services.
Today, the live Core price across exchanges stands at $1.70 USD with a 24-hour trading volume of $15,898,233 USD. On CoinMarketCap, Core is ranked #194 and has a circulating supply of 77 million coins with a maximum supply of 2.1 billion coins.
Unfortunately, it appears that this bearish trend has been seen for over two months now and doesn’t show any signs of changing soon. As investors in cryptocurrency continue to be cautious about the market situation and monitor prices closely, it will be interesting to see if any new announcements or developments can turn the trend around for CORE DAO soon.
What Is Causing the Decline?
The bearish trend in CORE DAO is largely attributed to the lack of accurate market and liquidity strategies within the cryptocurrency. Since its release on February 8th 2023, CORE DAO has experienced a steep fall and is now trading for less than half the price of its all-time high of about $4 USD. The primary cause of this is a scarcity of momentum in the cryptocurrency markets.
When it comes to price activity, CORE DAO lacks sufficient market liquidity which ultimately has a negative effect on price movements as investors become less likely to manipulate prices for their own benefit. This leads to reduced market demand which causes further declines in prices. Secondly, the lack of exciting news surrounding CORE DAO has also contributed to keeping investors from buying or selling it actively.
Lastly, there have been certain technical issues related to the software used by traders and exchanges, which can have an impact on price movements as well. For instance, some users have encountered problems with withdrawing coins or exchanging them for other currencies within certain timescales. This creates distrust between users and can lead to a drop in confidence with regards to trading CORE DAO.
What Does the Data Show?
The data is clear – CORE DAO has maintained a bearish trend for over two months, with no hope for a bull run in the near future. As of writing, its live price across exchanges is $1.70 USD, with a 24-hour trading volume of $15,898,233 USD.
It ranks #194 by market capitalization, with a total market cap of $131,343,469 USD and a circulating supply of 77,253,470CORE coins. Its maximum supply is 2,100,000,000CORE. Compared to the market average of 0.5%, CORE’s daily change is 0.42%, with no signs of improvement anytime soon.
If you’re looking to invest in CORE DAO or any other cryptocurrency – do your research! Review the data carefully and make sure you’re comfortable with the inherent risk before taking the plunge into digital currency trading.
User Sentiment Towards CORE DAO
The opinion of the cryptocurrency community on Core DAO has been bearish for months, with many predicting the price to hover around the same levels due to market volatility and lack of bullish support. Sentiment towards investing in CORE DAO has been bearish with users reporting difficulty in making profits from investments.
This cautionary outlook can be seen in user reviews and comments, with many citing the current market conditions (volatility) as a reason to not invest in CORE DAO.
Many investors view CORE DAO as a “risky” investment due to its low liquidity and high volatility. This sentiment is further compounded by the fact that CORE DAO is not widely supported by exchanges or traders, which adds additional uncertainty when trading it.
Overall, it appears that investors currently have an aversion towards investing in Core DAO and are unlikely to shift stance anytime soon unless market conditions dramatically improve or new developments arise for the coin.
Is the Trend Likely to Continue?
Unfortunately, analysts predict that the bearish trend of CORE DAO is here to stay and there may be no upside potential in sight. The sudden decline and lack of market response are leaving traders scratching their heads as to where CORE DAO’s next move will take it.
The coreDao Coin has recently been showing weakness on the charts, with the price falling from $2.70 on March 21st to just $1.70 today. This represents an overall decline of 37% in a span of less than two weeks, with no sign of bulls reclaiming control of the market anytime soon.
The current trading environment also suggests that there may be further losses ahead for CoreDao’s token value. Social media analysis shows that nearly two-thirds of online users are bearish about its future prospects and post comments about selling off their tokens before it gets too late. Furthermore, prominent industry experts have stated publicly that CORE’s sentiment is in the red zone at this point in time and likely won’t recover until next year — when more regulatory clarity around cryptocurrencies emerges.
With all these factors combined, it appears that CoreDao’s bearish trend is likely to continue – at least in the short-term – with little chance of a significant rebound in sight.
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