Bulls and bears clash at $0.57 as MemeCore teeters on breakout brink

MemeCore (M) has experienced a 12% price rally recently, but traders and analysts are closely monitoring key resistance and support levels to gauge whether the upward movement can be sustained. As of the latest data, MemeCore’s price stands at $0.45454, with a 24-hour trading range between $0.36371 and $0.52686. Over the past 24 hours, the token recorded a 22.05% increase in price, marking a sharp but volatile correction from its all-time high of $0.9695 reached on July 11 [1]. The price now faces a critical juncture, as bulls attempt to hold the $0.59 level to confirm a potential breakout.

The recent price movement has been characterized by sharp swings and significant short-term trading activity. In the past 24 hours alone, $2.19 million in trading volume was recorded, while the broader cryptocurrency market continued to face downward pressure [1]. MemeCore’s price has rebounded from a critical support level at $0.39, aligning with Fibonacci retracement levels and horizontal support at $0.387. This rebound on August 19 has been viewed as a positive signal, suggesting short-term buyers have entered the market [2]. However, the next major hurdle for bulls lies at $0.57, a level that could define the token’s short-term trajectory.

Technical indicators remain neutral. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) both sit in a neutral range, indicating no clear bullish or bearish momentum. Traders are thus awaiting a decisive move above $0.57 or a breakdown below $0.39 to confirm the next direction of the price trend [2]. On the two-hour chart, MemeCore appears in a symmetrical triangle pattern, a neutral formation that often precedes a breakout. If the pattern breaks to the upside, it could push the price toward $1.42, a new all-time high. Conversely, a breakdown would likely drag the price down to $0.18 [2].

The broader market context adds to the uncertainty. The crypto market has been under pressure, with Bitcoin and Ethereum both experiencing declines in the past 24 hours. In this environment, MemeCore’s price movement has attracted attention due to its sharp bounce from key support. Derivatives data also shows that over $870,000 in short positions were liquidated, contributing to a short squeeze that pushed the token above $0.46 [4]. This forced buying pressure has been a key catalyst in the recent rally, though it also highlights the risks of a sudden reversal if short-term traders close positions.

Analysts remain cautious, noting that while the current rally could indicate strength, the token’s future is still uncertain. If MemeCore fails to hold above $0.59, it may face renewed selling pressure and retest the $0.39 support level. On the other hand, a successful breakout could attract more buyers and initiate a new phase of upward momentum [2]. The market will closely watch how the price behaves around these critical levels in the coming weeks.

MemeCore’s market capitalization currently stands at $717.86 million, with a total supply of 5 billion tokens and a circulating supply of 1.58 billion. The fully diluted market cap is $4.55 billion, indicating the potential upside if the token gains broader adoption [1]. As a Layer 1 blockchain built for Meme 2.0, MemeCore aims to transform meme coins into long-term economic and cultural assets. While speculative interest remains high, the token’s success will ultimately depend on its ability to maintain on-chain activity and community-driven growth [1].

Source:

[1] MemeCore Price Today: Live M-to-USD (https://www.mexc.com/price/M)

[2] Memecore (M) Hits $0.50 After 20% Surge — Here's Why (https://www.ccn.com/analysis/crypto/memecore-m-price-increase/)

[3] MemeCore price USD live chart (M/USD) - Bitget (https://www.bitget.com/price/memecore)

[4] MemeCore (M) and Mantle (MNT) Prices Are Surging— ... (https://coinpedia.org/price-analysis/memecore-m-and-mantle-mnt-prices-are-surging-whats-driving-the-momentum/)