Coreum, an undervalued Layer 1

COREUM/USDT (Coreum)

Sector: Layer 1
Market Cap: 40M

Coreum is a Layer 1 project using a new form of consensus, the Bonded Proof of Stake. This blockchain has a capacity of 7,000 transactions per second with very low fees.

The coin was launched in March 2022 during the Bear Market. As a result, the token has never experienced a bull cycle and may be largely undervalued for the time being, with a capitalization of less than $50M.

Although the price of the coin is a long way from its launch price, but we have bounced back very positively in recent days when we retested the key horizontal support level. We are in the process of breaking the downtrend line which we have been stuck since the top of the range. We can define this resistance as a first objective. If we break it, we will have the validation of a large Double Bottom structure in Weekly timeframe, which will be a big bullish signal for the continuation.