Bulls Take Charge: Will MemeCore Ride a Bigger Uptrend?
- MemeCore is hovering around the $1 mark.
- Daily trading volume has surged by over 38%.
With multiple tests, MemeCore (M) has been hovering on the upside. At the time of writing, it is trading at around the $1.71 range, followed by a 12.32% surge in value over the last 24 hours. Notably, the daily trading volume has soared by 38.41%, reaching the $13.56 million zone, according to CoinMarketCap.
(Source: CMC)
Zooming in on the trading chart, the MemeCore bulls are actively pushing the price higher. With the green candles lit, the price might climb to the resistance at the $1.77 range. If the bullish pressure gains more traction, the golden cross could unfold and trigger the price above $1.83.
On the flip side, assuming a bearish reversal for MemeCore, the price action could instantly retrace to a support level at around $1.65. Further correction on the downside would initiate the death cross formation. Gradually, the asset’s price might slip toward $1.59 or even lower.
Technical Signals Point to Upside Potential for MemeCore
The technical analysis reveals that the MACD line of MemeCore crosses above the signal line while both are above the zero line. It is a strong bullish sign, and this momentum implies the uptrend could continue, as strength is building on top of an existing positive trend.
(Source: TradingView)
Moreover, the CMF indicator stationed at 0.05 exhibits a slight buying pressure in the M market. Significantly, the capital is flowing in, but not strongly, so buyers have a small edge over sellers. If the value rises higher, it could hint at growing confidence from the buyers.
MemeCore’s BBP reading at 0.137964 shows moderate bullish pressure. With the buyers in control, they will push the price above its average level. The move has some strength, but it is not extremely aggressive. Besides, the RSI of 68.62 displays that the asset is strongly bullish and getting close to the overbought zone. The price is moving up steadily, and the buyers are in a dominant position. At this level, there will be a short pullback if momentum begins to fade.
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