MemeCore’s M token experienced one of its steepest declines, reporting a 76.31% tumble over the last 24 hours, and is currently trading at $0.6792. The sell-off erased roughly $3 billion in market value and sparked widespread discussion across the crypto market.
The decline followed growing scrutiny over the project’s token distribution. Also, market participants raised questions about reports suggesting that insiders may control more than 90% of the token supply, creating concerns over liquidity, governance, and potential market influence.
The incident serves as another reminder that token concentration remains a major risk factor in crypto markets. Projects with heavily concentrated ownership structures can face sudden volatility when confidence weakens. The uncertainty surrounding MemeCore could keep traders cautious, while renewed focus on token distribution may influence how investors evaluate emerging crypto projects.
On the 4-hour price chart, the asset shows a steady and sturdy bear engulfing pattern, affirming the potential downtrend. With this, the crucial support might be found at $0.6372. With the red candles lit, the Memecore’s death cross could take place, retracing the price lower, to $0.5937.
Contrarily, if a bullish reversal occurs within the current momentum, the MemeCore price could climb and test the resistance at the $0.68 range. In case of a proper move on the upside, the golden cross would emerge and send the asset’s price even higher, above the $0.70 mark.
The MACD line is far below the signal line, and both are below the zero line, which indicates strong bearish momentum. Technically, the wide gap between the lines accelerates the selling pressure, while both indicators remain below zero, confirming that the broader trend is negative.
The downside momentum of MemeCore may stay elevated until stronger signs of a bullish crossover emerge.
In addition, the daily RSI of 6.05 suggests an extremely oversold condition. The bears have been in complete control of the recent price action. Such a low reading reflects panic selling or a sharp decline in MemeCore’s momentum.
While the trend remains strongly bearish, a reading this low can also increase the chances of a short-term relief rally or technical rebound as sellers become exhausted.
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