MemeCore (M) has gained 9.49% over the past 24 hours, extending its weekly advance to 11.73% as buyers attempt to reverse a prolonged decline. The token trades near $0.8941, with a market capitalization of approximately $2.05 billion and daily trading volume of $3.78 million.
MemeCore recently recovered from support around $0.6669, signaling renewed buying interest after an extended downtrend. The rebound has pushed prices toward the $0.90 psychological threshold, which could influence short-term trading decisions.
However, the broader daily chart still reflects bearish pressure. MemeCore trades below its 50-day, 100-day, and 200-day exponential moving averages (EMAs). These indicators suggest that the recent rally has yet to establish a sustained trend reversal.
Additionally, the immediate resistance zone stretches from $0.8873 to $0.9287. This range combines technical resistance with the 20-day EMA and the 0.236 Fibonacci retracement level.
A decisive daily close above $0.9287 could improve the outlook. Hence, traders may watch $1.0177 and $1.0907 as subsequent upside targets. Further strength could bring $1.2216 into focus, followed by stronger resistance near $1.3525.
Conversely, rejection around $0.90 could weaken the recovery. Initial support sits at $0.8289, followed by $0.7800 and the critical $0.6669 floor. Additionally, the Bollinger Bands %B indicator has recovered to 0.48, reflecting improving momentum.
MemeCore’s derivatives market presents another challenge for bulls. Open interest climbed from approximately $25 million in March to nearly $150 million in late April during the token’s earlier rally.
However, participation weakened through May and June. A sharp contraction in late June pushed open interest below $20 million, indicating a substantial reduction in outstanding derivatives positions.
Although open interest briefly recovered in early July, the broader decline continued throughout August and September. By October 23, open interest had fallen to approximately $13.39 million, while MemeCore traded near $0.87.
MemeCore’s spot exchange flows also reveal changing investor behavior. Inflows surged during April and early May, with the largest spike approaching $7.6 million in early May.
These deposits coincided with heightened market volatility and potentially increased selling pressure. Meanwhile, intermittent outflow spikes indicated periods when investors withdrew tokens from exchanges.
Besides, exchange flows gradually moderated from June onward. Both inflows and outflows remained relatively subdued through the following months.
By October 23, M recorded a positive netflow of approximately $29,980, while its price approached $0.8969. This modest positive reading indicates that inflows slightly exceeded outflows during the measured period.
Key levels remain well-defined as MemeCore (M) attempts to extend its recovery:
Upside levels: $0.9287 is the immediate resistance, followed by $1.0177 and $1.0907. A sustained breakout could open the path toward $1.2216 and $1.3525.
Downside levels: $0.8289 provides immediate support, followed by $0.7800 and the major $0.6669 support zone.
Resistance ceiling: The $0.9287 level, aligning with the 20-day EMA and Fibonacci resistance, is crucial for strengthening short-term bullish momentum. The technical picture shows M rebounding from its extended decline, but the price remains below the 50-day, 100-day, and 200-day EMAs.
Will MemeCore Go Up?
MemeCore’s price prediction hinges on whether buyers can push above $0.9287 and sustain the recovery. If bullish momentum strengthens, M could target $1.0177 and $1.0907, with further upside toward $1.2216. However, declining open interest near $13.39 million and relatively subdued exchange flows suggest that speculative participation remains weak.
Failure to hold $0.8289 could expose the token to $0.7800 and potentially $0.6669. For now, MemeCore remains at a pivotal turning point. A confirmed breakout supported by rising trading activity could improve the bullish outlook, while rejection at resistance risks another pullback.
