What's Behind the MemeCore Price Increase? | Credit: Veronica Cestari
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Key Takeaways
MemeCore (M) surged by 15,000% in July before correcting.
The M price has reclaimed its critical support at $0.39.
Can MemeCore begin an upward movement toward its highs?
MemeCore (M) has recently been one of the most talked-about tokens after its explosive 15,000% rally in July.
Since pulling back from its $1 peak, the token has settled near a key support level, where it now appears to be stabilizing.
The question is, can MemeCore build on this momentum or is another move lower on the horizon?
Let’s take a closer look at the charts to see what August might hold.
MemeCore Price Analysis
MemeCore experienced a massive surge of 15,000% in July, reaching its all-time high of $1 on July 11.
However, the rally was short-lived. Since then, the price has declined sharply, erasing a significant portion of its gains.
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At press time, MemeCore had reclaimed the critical support at $0.39, which also aligns with the $0.387 horizontal and Fibonacci support area.
This reclaim is a constructive development, especially given the bounce that occurred on Aug. 19 (green icon).
If the bounce continues, the next key level to watch will be the $0.57 resistance, which could establish a horizontal trading range between $0.39 and $0.57.
Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are sitting near neutral territory, showing no clear bullish or bearish signal.
As a result, MemeCore’s daily time frame technicals remain inconclusive, and traders will need to wait for a decisive move above resistance or below support to confirm the next trend.
What’s Next for MemeCore?
While the wave count does not give a clear verdict on the price movement, it leans bullish.
The decline since the all-time high is a three-wave structure, as are the following bounces and declines.
This structure suggests the MemeCore price movement is in a symmetrical triangle that will lead to a breakout.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
