CORE, the native token of the Core blockchain, has declined to approximately $0.024, trading in a narrow range between $0.02387 and $0.02449 over the past 24 hours. The drop follows a $1.7 million exploit targeting the Allbridge Core cross-chain bridge, which has weighed on market sentiment despite the Core blockchain itself not being directly affected.
According to CoinGecko data, CORE is down about 1.4% in the past day, extending its losses to 0.9% over the past week, 5.6% over two weeks, and 9.7% over the last month. The selling pressure intensified as news of the exploit spread, compounding an already fragile technical setup for the token.
Exploit Details and Market Reaction
The incident prompted Allbridge to pause its Allbridge Core protocol and request liquidity providers to withdraw funds from affected pools while investigations continue. On-chain analytics platform Onchain Lens reported that 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. The funds were then moved from Solana to Ethereum through privacy protocols.
Although the exploit did not involve the Core blockchain or its native CORE token, the similarity in branding appears to have caused confusion among some market participants. Allbridge noted that the exploit temporarily created an arbitrage opportunity and has asked anyone who profited to voluntarily return the funds to help compensate affected liquidity providers.
Technical Analysis Points to Continued Weakness
On the daily chart, CORE continues to trade below its 20-day, 50-day, 100-day, and 200-day exponential moving averages (EMAs), a bearish alignment indicating that sellers remain in control of the longer-term trend. 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, making this an important support zone where buyers have previously accumulated positions. 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.
On the 4-hour chart, 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 that 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. The combination of negative headlines, cautious investor sentiment, and an already fragile chart structure appears to have amplified the latest decline.
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This article is for informational purposes only and does not constitute financial advice.
