Coreum Sideways Trade Continues, Volatility Remains Low in Short Term

Coreum's price has risen by 1.43% intraday, reaching $0.155. The price has been volatile with significant fluctuations, and technical indicators suggest a sideways trend in the short term. The $0.177 and $0.138 levels serve as resistance and support, respectively, with the price currently trapped within this range.

Coreum Exhibits Sideways Trend, Volatility Prevails in Short Term

The Coreum (COREUM) token has exhibited a 1.43% intraday gain, currently trading near $0.155. Despite the positive movement, the token remains within a well-defined range, indicating a sideways trend.

Technical Indicators Signal Consolidation

Technical indicators suggest a period of consolidation for Coreum. The Relative Strength Index (RSI) hovers just below 50, denoting a neutral momentum. The Simple Moving Average (SMA) line remains above 52, indicating potential support.

The 20- and 50-day Exponential Moving Averages (EMAs) frequently cross over each other, further highlighting the indecisive market sentiment and sideways trend.

Range-Bound Trading Continues

Coreum's price has been confined within a multi-month range, with $0.177 being a significant resistance level and $0.138 providing strong support. Until a clear breakout or breakdown occurs, the token is likely to continue its sideways movement.

Volume Analysis Indicates Low Volatility

The intraday volume for Coreum has reached $1.770 million, a 13.94% increase from the previous day. The volume-to-market capitalization ratio of 1.75% signifies relatively low volatility.

Social Dominance and User Engagement

Coreum's social presence has seen a surge in recent months, with active social users increasing continuously. This reflects growing acceptance and interest in the token among users.

Price Prediction for April 2024

Analysts forecast a potential upside of 25% to reach $0.192, the upper boundary of the range, in the optimistic scenario. Conversely, a pessimistic outlook suggests a downside to the lower boundary at $0.138 by the end of April 2024.

Technical Levels

• Support Levels: $0.138, $0.120
• Resistance Levels: $0.177, $0.192

Conclusion

Coreum continues to exhibit a sideways trend, with technical indicators indicating consolidation. The token remains within a well-defined range, with $0.177 and $0.138 serving as resistance and support levels, respectively. A breakout or breakdown from this range will provide clarity on Coreum's future trend. Until then, the token's price action is likely to be muted.

Important Disclaimer

The views expressed in this article are solely of an informational nature and do not constitute financial, investment, or other advice. Crypto and stock trading involve significant risks, including the potential for financial loss. Investors should always conduct thorough research and consult with qualified professionals before making any investment decisions.