MemeCore has shown impressive technical power in the last month, as the memecoin has exited a long-term period of consolidation to hit new highs at $1.6812. The price movement depicts a typical accumulation-to-distribution trend that has resulted in a strong upward movement. Moreover, as per CMC data, the price is up by almost 35% in 24 hours and 236% in the last 7 days, showcasing bullishness.
M price spent the period between early August and late September in a narrow band between $0.40 and $0.60, which formed a strong base on which the breakout was to occur. This prolonged lateral motion enabled the asset to accumulate high levels of support and to remove weak hands in the market. The consolidation phase was not associated with high volatility levels as the price action was compressed and technical signs were subdued throughout the phase.
It started to break out in earnest around the 1st of September, when MemeCore price finally broke the $0.60 resistance level. Then came a spectacular rally in which the token shot up more than 180% to its present price of above $1.60. This has been especially powerful in recent sessions, with big green candles showing strong buying pressure and institutional interest.
The bullish story is well supported by technical indicators. MACD has become resolutely positive; both the MACD line (0.2245) and the signal line have positive momentum. The histogram shows that the bullish divergence is on the rise, so the uptrend has space to extend. In the meantime, the RSI value of 89.70 reflects that the asset is in an overbought state, which generally implies that a pause or slight correction can be expected in the near future before the next step upwards.
The bullish formation is also verified by the moving average structure, where the price is far above all the major exponential moving averages. The EMAs have already started to curve upwards and are in the right bullish position, which offers dynamic support against any possible pullbacks.
Sentiment indicators are very optimistic, with a value of 0.0550 indicating that the community is optimistic and still interested in buying. The price increase has been accompanied by volume patterns, which are a sign of real market participation, and not a low-volume pump.
In the future, it seems that the resistance is immediately observed at the level of $2.00, and the support has been determined at the level of $1.00. The technical configuration indicates that MemeCore might keep on its upward trend, but traders are advised to watch the RSI levels to see whether it can consolidate in the short run.
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