MemeCore (M) has shown significant strength in recent hours. Foreign media reports indicate that the token has surged over 20% in the short term, with the price briefly reaching $1.51. While trading volume hasn't increased dramatically, the price has broken out of its previous downward consolidation range, and market focus is now on whether the $1.83 level can be breached further.
Short-term support formed around $1.09.
The article mentions that after a rapid decline at the end of June, MemeCore formed a strong buying area around $1.09. Subsequently, selling pressure was repeatedly absorbed in this area, making it a key short-term support level.
From a technical perspective, the price was previously consolidating within a descending triangle pattern, characterized by progressively lower highs and relatively stable support levels. The price has now broken above the descending trendline, indicating a potential recovery in short-term sentiment.
$1.83 becomes the next resistance level.
Foreign media believe that the most watched level right now is $1.83. If the price continues to rise and effectively breaks through this level, subsequent resistance may be relatively sparse, and the market may turn its attention to $2.80, or even $3.20.
- Short-term support: $1.09
- Direct resistance: $1.83
- Higher resistance: $2.80
Indicators are strengthening, but a short-term pullback is possible.
The article also mentioned that buying pressure increased during the breakout, providing some support for this upward move. Meanwhile, the Relative Strength Index (RSI) has entered relatively high territory, indicating strong short-term momentum, but also suggesting that some funds may be taking profits.
Furthermore, the MACD has shown a bullish crossover, with the histogram turning positive, reflecting improved upward momentum compared to the previous period. The article argues that as long as the breakout range holds, the short-term structure remains bullish; however, if the current breakout fails to hold, the price may retrace to the breakout area before seeking its next direction.
