MemeCore Price Prediction: What M's New Resistance Means for Traders

MemeCore (M) has experienced significant price movement, rising 8% recently after touching a vital support level of around $1.50. With its momentum shifting and approaching a crucial resistance point at $1.90, traders are keenly watching the developments. Additionally, increasing futures volume indicates heightened trader participation, although on-chain data raises some caution regarding potential overvaluation.

Key Takeaways

Recent Price Surge: MemeCore's price surged 8% after bouncing off $1.50 support.
Next Resistance Level: Traders are focusing on the $1.90 resistance as the next critical target.
Increased Trading Activity: Daily futures volume for MemeCore rose significantly, reflecting growing interest from traders.
Caution from On-Chain Data: Adjusted price DAA divergence suggests potential overvaluation of MemeCore, raising concerns for investors.

MemeCore price prediction - M's new resistance means THIS for traders!

MemeCore's Price Action Gains Traction

MemeCore’s (M) price activity has recently picked up pace. The token recorded an 8% increase in its daily price after bouncing back from a significant support level around $1.50. This uptick followed a strong reversal from a zone that served as both a rising trendline and support from key Exponential Moving Averages (EMAs). This robust retest indicates a clear shift in momentum after a period of tight consolidation that lasted a week.

In the past few sessions, MemeCore traded within a narrow range while testing its fundamental support. The price has been consolidating within a pennant pattern since late December. However, as of the latest updates, this consolidation appears to be coming to an end on the daily charts. The recent bounce has empowered buyers, pushing the price toward the next significant technical zone, likely the resistance level of $1.90.

MemeCore Price analysis Source: TradingView

$1.90: The Next Critical Test for Traders

Following the rebound from the confluencing zone, the $1.90 resistance level has emerged as the next vital target for traders. This area marks the closest point where sellers could regain control. The continuous drive toward this resistance has attracted traders' attention, as reactions in this zone may significantly influence MemeCore’s immediate future.

While the current price momentum remains positive, market participants are closely observing how MemeCore will behave around this resistance point.

Rising Futures Volume Indicates Increased Trader Participation

In addition to price movements, there has been a notable increase in trading activity. According to Coinglass, MemeCore's daily futures volume climbed by $2.4 million, reaching a total of $36.63 million. This suggests a rising interest among traders in short-term movements of the token. Greater trading volume often leads to increased volatility, which could amplify the ongoing breakout if buyers sustain their control.

M futures volume Source: Coinglass

Cautionary Signs from On-Chain Data

Despite the bullish price action, on-chain data signals a different scenario. For instance, the adjusted price DAA divergence for MemeCore stood at -82% at the time of reporting. This metric indicates a discrepancy between the recent price movements and the token's market valuation, serving as a potential warning during such strong rallies.

A higher negative percentage typically suggests that the token's price might be overinflated, which could limit investor interest. Currently, although MemeCore's market structure remains optimistic, the mixed on-chain signals could lead to a slowdown in momentum.

MemeCore adjusted price DAA Divergence Source: Santiment

Conclusion

As traders monitor the developments surrounding MemeCore, the interplay between rising price momentum and cautious on-chain indicators will be vital for guiding investment decisions. Continued attention on the $1.90 resistance level will be key for navigating this cryptocurrency's next steps.