Cryptocurrency enthusiasts and investors watched closely as MemeCore achieved a remarkable milestone, rallying 12.2% to hit an all-time high of $2.55 before stabilizing at $2.53. This significant movement highlighted a strong inflow of capital as its market capitalization soared by 12.12%, reaching an impressive $2.6 billion.
Understanding MemeCore’s Price Surge
The surge was largely fueled by aggressive retail buyer activity in the Spot market. According to data from Coinalyze, buy volumes reached 82.45k compared to 65.11k sell volumes, leading to a positive Buy/Sell Delta of 17.3k. This clear sign of accumulation marked a shift in market sentiment and drove the price upward. Exchange Netflow data further emphasized the trend, with Spot Netflow turning negative (-82k) following a positive spike the day before, indicative of significant purchasing pressure and accumulation.
Futures Market Remains Cautious
Interestingly, despite the bullish outlook in the Spot market, the Futures market displayed caution. Data from CoinGlass revealed that MemeCore saw $109.49 million in inflows versus $106.33 million outflows at press time, leaving Futures Netflow at a modest $3.16 million—a 69% decrease in just 24 hours. Additionally, Funding Rates, a critical indicator of market sentiment, remained predominantly negative, confirming a bearish lean among Futures traders.
Coinalyze data showed a Funding Rate of -0.055, with a Predicted Funding Rate of -0.0134—factors that usually point to short positions dominating the market. The Long/Short Ratio further illustrated this sentiment, with shorts at 63.5%, significantly higher than the longs at 36.5%. Despite a spot-driven rally, these metrics painted a cautious picture for MemeCore.
Will MemeCore Maintain Its Momentum?
While MemeCore’s recent rally represents a strong speculative demand, the data suggests it may face headwinds. Momentum indicators like the Stochastic RSI and the Relative Vigor Index (RVGI) remain in bearish territory, implying a potential downside. For MemeCore to sustain its rally and push for another all-time high, its momentum indicators need to flip into bullish alignment.
Keep Your Investments Safe
Cryptocurrency investments remain high-risk, with market volatility often driven by speculation and market sentiment. Investors are advised to monitor key indicators and market trends closely. For those new to trading, tools like the Ledger Nano X Hardware Wallet can provide added security for your cryptocurrencies while navigating the ups and downs of the digital market.
Disclaimer: This content is informational and should not be taken as investment advice. Always conduct your own research before making financial decisions.
