MemeCore (M) Surges 655%: Rally Sustainable?
MemeCore's M Token Rockets After Bitcoin Dip
MemeCore [M] is experiencing a significant resurgence, leading altcoin gains after a decline triggered by Bitcoin's correction to $112,000. The project aims to bolster liquidity for its chain and M token, initiating a rally that has captured investor attention.
Key Drivers of M's Price Surge
- Market Leadership: M has demonstrated impressive growth, topping CoinMarketCap's Altcoin Index with a 655% return over the past 90 days.
- Investor Sentiment: The rally appears driven by investors anticipating further upside, potentially viewing M as undervalued.
- Liquidity Festival Delay: MemeCore's decision to postpone its liquidity festival may be encouraging on-chain activity as traders position themselves before the event.
- Trading volume has jumped 25% to $860 million.
Technical Analysis: Resistance Ahead
M's price is testing the 0.5 Fibonacci resistance level after breaching the 0.236 level, which previously posed a challenge. Overcoming this resistance could pave the way for continued gains.
The Average Directional Index (ADX) currently reads 58, reinforcing the bullish trend with strong momentum, suggesting this uptrend may continue.
Sustained buying pressure could propel M to surpass its previous all-time high.
Spot and Derivatives Markets Align
Data from CoinGlass indicates increased liquidity flowing into M from both spot and derivatives markets.
- Exchange Outflow: Despite initial sell-offs in August, investors have been moving M off centralized exchanges and into private wallets, accumulating approximately $172,000 worth of M in the last 48 hours.
- Derivatives Market: The derivatives market shows strong interest, with over $10.63 million flowing in, favoring long positions and potentially fueling further upward movement.