MemeCore (M), an emerging altcoin recognized by Binance Alpha, has been turning heads in the crypto world. Over the past week, MemeCore has witnessed a staggering performance, climbing nearly 49%. In the last 24 hours alone, the altcoin surged by 22%, according to CoinMarketCap, with its monthly gains surpassing an impressive 631%.
The Numbers Behind MemeCore’s Breakout
After a five-day consolidation period, MemeCore broke out of its accumulation range of $2.40 to $2.60. The price trajectory suggests potential levels for the coin to surpass its current mark, as the Bollinger Bands (BB) opened wider, allowing the outer bands to reach $3.16. Currently, bulls are targeting to push M beyond the $3 resistance mark, with a mid-support level holding steady at $2.71.
Despite an RSI (Relative Strength Index) above 80, indicating an overbought condition, the indicator seems to be stabilizing post-breakout. Moreover, the Money Flow Index (MFI) displayed an uptrend, signaling strong capital inflows into MemeCore.
Potential Risks to Watch
While MemeCore’s rise is promising, caution is advised. Sharp upward moves are often followed by profit-taking. This could bring the price down to its previous breakout level of $2.60 or the midline of the BB at $2.71.
On the liquidation front, CoinGlass data revealed key liquidity levels above $2.97 and below $2.88 with approximately $1.30 million worth of orders strategically placed in the range. A potential short squeeze scenario could further fuel MemeCore’s rally; however, if support at $2.60 breaks, the coin might dip further.
On-Chain Metrics and Future Outlook
The numbers tell an intriguing story. Large transactions exceeding 100K M coins spiked in the past 24 hours, tallying up to 946 transactions with a daily volume of 1.16 million M tokens, as per MemeCore Mainnet Explorer data. Active addresses remain low at 423 with a transactions-per-second (TPS) value of 0.01, signaling a current slow activity rate despite the rally.
In the short term, MemeCore’s positive trajectory looks promising, which might encourage more investors to explore the potential of this rally. However, it is essential to remain vigilant as the crypto market is inherently volatile.
A Trusted Platform to Get Started
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