Why is CORE price going down?

CORE has fallen to around $0.024, trading between $0.02387 and $0.02449 over the past 24 hours, after a $1.7 million (approx. Rs 461.3 million) exploit targeting the Allbridge Core cross-chain bridge weighed on market sentiment. 

CoinGecko data showed the token was down about 1.4% over the past day, extending losses to 0.9% over the past week, 5.6% over two weeks, and 9.7% over the last month.

Although the attack did not involve the Core blockchain or its native CORE token, the similarity in branding appears to have caused confusion among some market participants. 

Selling pressure increased as news of the exploit spread, adding to an already weak technical setup for the token.

The incident prompted Allbridge to pause its Allbridge Core protocol and ask liquidity providers to withdraw funds from affected pools while the investigation continues. 

According to on-chain analytics platform Onchain Lens, the attacker used a $1.12 million USDC flash loan from Kamino to manipulate Allbridge Core's USDC/USDT liquidity pool, eventually draining about $1.7 million (approx. Rs 461.3 million) before moving the funds from Solana to Ethereum through privacy protocols.

During its investigation, Allbridge said the exploit temporarily created an arbitrage opportunity and asked anyone who profited from it to voluntarily return the funds to help compensate affected liquidity providers.

Even though CORE was not directly affected by the breach, the incident occurred as the token was already trading in a prolonged downtrend. 

The combination of negative headlines, cautious investor sentiment, and an already fragile chart structure appears to have amplified the latest decline.

CORE price analysis

Although the exploit did not involve the Core blockchain, the token has remained under pressure as negative sentiment coincided with an already fragile technical setup.

On the daily chart, CORE continues to trade below its 20-day, 50-day, 100-day and 200-day exponential moving averages, a bearish alignment that indicates sellers remain in control of the longer-term trend.

CORE/USDT 1-day price chart. Source: TradingView.

The 20-day EMA sits near $0.0249, followed by the 50-day EMA around $0.0274, placing immediate resistance above the current market price.

The Volume Profile Visible Range (VPVR) shows heavy historical trading activity around the $0.024 region.

That makes the current area an important support zone, as buyers have previously accumulated positions there. 

If this level fails to hold, the chart shows relatively thinner traded volume below, increasing the possibility of a move toward the $0.022-$0.023 range before stronger buying interest emerges.

Meanwhile, the 4-hour chart points to weakening momentum rather than aggressive selling.

CORE/USDT 1-day price chart. Source: TradingView.

The Relative Strength Index (RSI) has slipped to about 36, approaching oversold territory but remaining above the 30 threshold that often signals exhaustion among sellers.

The Average True Range (ATR) has continued to decline, indicating daily price swings have narrowed since the earlier selloff. 

Falling ATR alongside a subdued RSI suggests volatility has cooled even though bearish pressure remains.

For buyers to regain control, CORE would first need to reclaim the 20-day EMA near $0.0249 and then clear resistance around $0.0274, where the 50-day EMA currently sits. 

Until then, the charts indicate the token remains vulnerable to additional downside if selling pressure linked to the exploit-driven sentiment continues.