MemeCore (M) is on a bullish ride that has led to one of the most remarkable price success stories across the cryptocurrency ecosystem. Its daily chart demonstrates a shocking parabolic rise beginning in late June, with the token price exploding from consolidation levels that were around $0.02 to current trading levels that are approximately $0.4482. Its moonshot gains have repeatedly caught entire markets’ attention.
The technical picture highlights a convincing bullish case. The price has broken above the 50- and 100-day exponential moving averages, with the price closing above the 50-day EMA of $0.27266 and the 100-day EMA of $0.18765, which have offered strong support. The shorter-term EMA being above the longer-term moving average provides a compelling case that the price is still in a position of strong, upward momentum and it remains in trend. Additionally, the buying pressure appears to be sensible as the market price touched the lower bound of support ($0.30615) and has seen purchasing pressure at that level.
As per CMC data, market-derived data support the bullish sentiment, with MemeCore showing a whopping 28% increase in price in the last 24 hours alone. The huge commitment to the price increase is shown by the increase in trading volume of 185%. Perhaps most astoundingly, the token has gained approximately 700% over the last month, making it one of the top performers in the meme coin area.
Source: Tradingview
The Relative Strength Index (RSI) is at 59.24, placing the asset in neutral-to-bullish territory, with room to potentially push further upside before the overbought conditions. This reading indicates the warm-up has the potential for more leg ups, as RSI below 70 indicates momentum and sustainability vs. exhaustion. MACD trading in positive territory reinforces the bullish bias; there remains room for momentum action to push prices higher.
Social sentiment is growing increasingly positive, which could be a spark for the meme-based cryptocurrencies that depend on community involvement and viral influencers. This fundamental backdrop, in combination with the technical breakout, establishes a good environment for price appreciation.
Key resistance is at $0.500 level, being the next major psychological level and support is established at $0.300. This technical setup suggests MemeCore has the potential for one more leg higher, assuming it can maintain current support level stability and sustain similar market participation.
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